Bitcoin Pullback to $111K Could Offer Ideal Entry, Says 10x Research
With Bitcoin trading near its all-time highs around $119,500, traders are weighing whether to chase the current rally or wait for a more favorable entry point. According to 10x Research founder Markus Thielen, the best risk-reward setup may come on a retest of the May breakout level near $111,673.
“A move back to $111,673 would present a more compelling entry point for bullish traders,” Thielen wrote in a client note Monday.
That level, which previously acted as resistance, could now serve as key support. Many technical traders view such pullbacks to former breakout zones as healthy consolidation within broader uptrends.
The risk-reward ratio, a fundamental trading metric, compares the potential downside to the possible upside. Entries closer to support allow for tighter stop-losses and greater upside potential — which is why Thielen sees value in waiting for a dip.
However, if the market doesn’t retrace, Thielen points to $120,000 as the next critical threshold. A breakout above this descending trendline — which links the highs from July 14 and July 23 — could act as confirmation of renewed bullish momentum.
“A sustained move above $120K would be another opportunity to engage with the trend,” he noted, while cautioning that such trades would require tighter risk management.
Bitcoin’s strength follows a 1% rise on Sunday, sparked by news of a historic U.S.-EU trade agreement — easing macro uncertainty and lifting investor sentiment across risk assets.
For now, bulls are watching two levels: the $111,673 support for a potential reentry, and the $120K breakout for confirmation of further upside.
