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The CEO of 10x Research, Markus Thielen, stated in his market report published today that Bitcoin‘s (BTC) price is on the threshold of reaching new highs. Thielen was one of the few analysts who predicted that the price of the largest cryptocurrency would retract to $38,000 following the approval of a spot ETF, based on the Elliott Wave Theory. Indeed, after the approval of the spot ETF, the rally that had been driving the overall cryptocurrency market upwards came to an end, and prices plummeted due to low trading volumes and significant BTC outflows from GBTC. Thielen expects the rise to resume after a pullback to $38,500.
Thielen: Bitcoin Heading to $50,000
Markus Thielen, the former research director at Matrixport, claimed in his latest market report published on January 29 that Bitcoin’s price might be on the verge of a rally as the 5th wave begins. Thielen expects BTC’s price to rise to the $50,000 level by the end of the first quarter of this year.
In the report, Thielen stated, “The indicators of the downtrend turning into an uptrend suggest that a favorable bottom level for trading is present, and now we should focus on opportunities to open long positions.” He added, “From a risk management perspective, long positions can be reopened once Bitcoin climbs above $43,000.”
Despite a minor resistance between $43,000 and $44,000, the analyst recommended buying Bitcoin above $43,000. Thielen’s bullish forecast is based on the Elliott Wave Theory, which suggests that Bitcoin’s price has completed the 4th wave, a retracement wave, and has started the 5th wave, an impulse wave.
Thielen also added that the decrease in BTC outflows from GBTC and Google’s decision to allow advertisements for Bitcoin and cryptocurrency-based ETFs starting today could be potential catalysts for the upward momentum in the price of the largest cryptocurrency.
Renowned Analysts’ Bitcoin Expectations
Cryptocurrency analyst Michael van de Poppe stated that Bitcoin’s price correction is likely over in response to the approval of a spot Bitcoin ETF. He highlighted that he expects a recovery in altcoins to start within the next 1-2 weeks, saying, “Bitcoin is preparing to break above its recent peak levels.”
Experienced analyst Ali Martinez reported a significant increase in new Bitcoin wallet addresses, indicating a rising wave of interest among investors. Martinez noted that many investors have been buying the dip.
