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As the anticipation for the Chinese New Year builds, Bitcoin is preparing for a significant rise that could see it reach $48,000 in the short term, influenced by historical trends and expert analyses. Markus Thielen, known for his insights as the research director at Matrixport and founder of 10x Research, points out the striking correlation between Bitcoin’s performance and the Chinese New Year celebrations.
Bitcoin’s Direction Influenced by Chinese New Year
Thielen makes assessments about the direction of Bitcoin in a recent report, stating:
“Bitcoin tends to rise by 11% during the Chinese New Year period starting on February 10 (Saturday), making the next few days statistically significant. Over the past nine years, Bitcoin has consistently gained during this period, offering profitable opportunities for investors who enter the market three days before the New Year and exit ten days after the start.”
After recently overcoming a significant resistance level around $44,000, surpassing $45,000 marks an important turning point for Bitcoin. Thielen emphasizes the importance of this breakthrough, which signals the end of a corrective phase that saw Bitcoin drop to $38,500 towards the end of January. “This breakthrough paves the way for our short-term target of $48,000,” Thielen adds, highlighting the rising sentiment surrounding Bitcoin’s current trajectory.
Upward Momentum Points to This Level for Bitcoin
Thielen uses Elliott Wave theory to forecast further upward momentum for Bitcoin. This technical analysis framework suggests that price movements follow recurring wave patterns characterized by five stages.
Waves 1, 3, and 5, known as “impulse waves,” represent the main trend, while waves 2 and 4 indicate retracements within this trend. According to Thielen’s analysis, Bitcoin has completed its wave 4 retracement with a correction to $38,500 and is now entering the fifth and final push phase of this upward trend. Thielen has set a target of $52,000 by mid-March.
Historical Trends
The convergence of historical trends and technical analyses underscores a bullish outlook for Bitcoin in the coming days and weeks. As investors prepare for the Chinese New Year, the stage is set for Bitcoin to potentially reach new highs. Now, $48,000 stands as an important milestone on the horizon.
The cryptocurrency world continues its dynamic progression, and Thielen’s views serve as a guiding light for investors navigating the market’s complexity, offering invaluable perspectives based on both empirical data and sophisticated analytical frameworks.
