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10x Research Founder: Bitcoin Expected to Reach $88,000 Target Price
On May 11, Markus Thielen, founder of 10x Research, stated on social media, “Bitcoin is on the rise, primarily driven by spot demand rather than leverage. This structure is healthier than the crowded long positions seen in the early stages of the cycle. ETF funds continue to flow in, mining-related stocks have surged, and the options market is pricing in a more optimistic outlook. More importantly, there are two key catalysts this week supporting Bitcoin and the overall altcoin market. With improved trading volumes and moderate capital inflows, our target of $88,000 for Bitcoin appears achievable. The current total market capitalization of the crypto market is $2.69 trillion, up 2.7% from last week; the average weekly trading volume is $123 billion, which is 2% higher than the average level.”