10x Research founder: Bitcoin is expected to reach the target price of $88,000

BlockBeats news, on May 11, 10x Research founder Markus Thielen stated on social media, "Bitcoin is rising, mainly driven by spot demand rather than leverage, and this structure is healthier than the crowded long positions seen early in the cycle. ETF funds continue to flow in, mining-related stocks are surging, and the options market is pricing in a more optimistic outlook."

More importantly, there are two key catalytic factors this week supporting Bitcoin and the overall altcoin market. With improving trading volumes and moderate capital inflows, our set target of $88,000 for Bitcoin looks achievable.

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