The Analyst, Who Predicted a Decline of $38 Thousand, Said a Rise to $50,000 Is Next
Markus ThielenThe CEO of 10x Research said on Monday that new highs are coming for the Bitcoin price. He was one of the first few analysts to predict, based on Bitcoin wave patterns, that the Bitcoin price would fall to $38,000 after the spot Bitcoin ETF approval.
The crypto market rally has faced headwinds amid uncertainty due to low trading volumes and negative sentiment surrounding GBTC outflows. However, short-term market sentiment remains bullish.
Best Range to Buy Bitcoin for $50,000
In a new report published on January 29, Matrixport’s former head of research, Markus Thielen, predicts a rise in Bitcoin (BTC) prices as the 5th wave begins. He expects the BTC price to regain the 50,000 level by the end of this quarter.
“Reversal indicators suggest a tradable low is approaching, we should focus on long positions. Markus Thielen said that from a risk management perspective, we should re-enter long positions when Bitcoin rises above $43,000.
He recommends buying Bitcoin above $43,000 despite minor resistance in the $43,000-$44,000 range. According to Elliot wave theory, Bitcoin’s retracement wave 4 has ended and impulse wave 5 has begun.
Thielen also added that decreasing GBTC outflows and Google supporting Bitcoin and crypto ETF ads starting today are potential catalysts for upward momentum in BTC price.
Also Read: Futures ETF Not Required for Spot XRP ETF Approval, Bloomberg Analysts Say
Predictions from Other Crypto Analysts
Best crypto analyst Michael van de Poppe In response to the spot Bitcoin ETF listing, he says the Bitcoin correction is likely over. He expects a recovery in altcoins to begin in the next 1-2 weeks, “ecosystems are improving in terms of returns before Bitcoin rebounds to higher levels.”
Analyst Ali Martínez It revealed an increase in new Bitcoin addresses, indicating a growing wave of interest among investors. He believes many investors bought the dip.
BTC price is down 1% in the last 24 hours and the price is currently trading at $42,197. The 24-hour low and high are $41,696 and $42,681 respectively. Additionally, the transaction volume decreased by 10% in the last 24 hours, indicating that investors’ interest has increased.
Also Read: Fed Rate Cut Likely to Come Before Bitcoin Halving in March, Will BTC Price Rise?
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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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