The leading cryptocurrency, Bitcoin (BTC), started the new week above $80,000, while continuing to be affected by developments between the US and Iran.
While bullish predictions for Bitcoin continue, Markus Thielen, CEO of 10x Research, known for his accurate predictions, stated that the BTC price could reach $88,000.
Thielen argued that Bitcoin’s rise is driven by spot demand rather than leverage, and that the increasing spot demand could push the price towards a target of $88,000.
In his analysis published from account X, Thielen stated that the current Bitcoin rally is driven by spot demand rather than the futures market, and that this is a structurally healthy trend.
The analyst also noted that ETF inflows were stable, mining stocks were showing strength, and trends in the options market were positive.
“Bitcoin is rising driven more by spot demand than leverage. This dynamic appears healthier than the crowded long positions seen earlier in the cycle.”
More importantly, Thielen noted that two key catalysts supported both Bitcoin and the broader altcoin market this week: “increasing trading volumes and steady fund inflows.”
Considering these positive factors, Thielen stated that the $88,000 price target seems achievable.
*This is not investment advice.
