Popular Analyst Announces Trading Warning for Bitcoin ETF, Will BTC Price Rise to $80K?
Popular analyst Markus Thielen, who correctly predicted the BTC price ATH timeline and drop below $60k, has predicted another major event, this time for Bitcoin ETFs. A new trading alert has been triggered for Bitcoin ETFs, a new research report has revealed. Thielen, who is also the CEO of institutional crypto research 10x Research, said that the Bitcoin price will soon recover faster due to heavy buying by institutional and retail investors.
Markus Thielen Says Bitcoin ETF Signals About BTC Price Rise
10x Research CEO Markus Thielen announced on May 18 that a new trading alert was triggered for Bitcoin ETFs. The pattern was last triggered on January 30 this year, after which spot Bitcoin ETFs in the US saw massive inflows. In fact, BlackRock ETF’s Bitcoin holdings outperformed Grayscale’s GBTC.
“Many people have asked us to run our trading signals for crypto-related stocks like Bitcoin miners and diversified crypto stocks like Coinbase. “Not every trading signal will be successful, but generally with a 70-80% probability they provide us with timely reminders when a boring trading range may be coming to an end,” he added.
GBTC issued a buy signal on Friday, similar to past events that have seen large purchases. After GBTC saw inflows this week, the bullish trend towards Bitcoin price has been revived as CPI inflation in the US eases. Additionally, trading signals for GBTC should also be effective for newer ETFs like BlackRock’s IBIT. This could give institutional investors and analysts a clue as to where Bitcoin price might be heading.
Also Read: Binance, SHIB, USTC, AGIX Push for Liquidity and Trading Increase
Will Bitcoin Price Rise?
BTC price has surpassed $67,000 this week, with a weekly increase of over 10%, amid bullish sentiment. The 24-hour low and high are $66,289 and $67,459 respectively. Additionally, the surge amid low trading volumes indicates that whales and large investors are bullish on Bitcoin as highly leveraged positions are liquidated in a short period of time.
Open interest in CME Bitcoin futures has seen a 5% increase in the last 24 hours, indicating large buying from futures traders. Total BTC futures open interest increased by 2% in the last 24 hours.
Another popular analyst, Rekt Capital, predicts that the Bitcoin price needs to fall only 1% to attempt a post-Bullish Flag breakout retest to secure an upward continuation of the trend.
Also Read: BlackRock CIO Hints at Fed Rate Hike, But There’s a Positive Note
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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