Founder of 10x Research: Bitcoin Expected to Reach $88,000 Target Price

BlockBeats News, May 11th, 10x Research founder Markus Thielen posted on social media, stating, "Bitcoin is on the rise, primarily driven by spot demand rather than leverage. This structure is healthier than the crowded long positions in the early stage 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 improving trading volume and moderate fund inflows, our $88,000 Bitcoin target looks achievable.

The current total crypto market capitalization is $2.69 trillion, up 2.7% from last week; the average weekly trading volume is $123 billion, 2% higher than the average level.