Bitcoin gives out red envelopes for the Chinese New Year? According to a report by Markus Thielen, the Head of Research at Matrixport and Founder of 10x Research, Bitcoin usually shows an upward trend during the lunar New Year period.
(Previous summary:
Real-time status of Bitcoin spot ETF: BlackRock’s trading volume surpasses Grayscale for the second time, GBTC sell-off has decreased by 50%)
(Supplemental background:
Spring Festival special: Cryptocurrency red envelope tutorial! Quickly send it to your boss and elders)
The new year has arrived! Markus Thielen, the Head of Research at Matrixport and Founder of 10x Research, recently published a report predicting that the price of Bitcoin (BTC) will reach $48,000 in the short term.
According to his analysis, Bitcoin usually shows an upward trend during the lunar New Year period, and the next few days have “extremely significant statistical significance.” Thielen pointed out in the report:
Bitcoin returns before and after the lunar New Year | Source: 10x Research
Bitcoin breaks through the $46,000 mark
Yesterday (9th) evening around 9 o’clock, the price of Bitcoin broke through $45,000, surpassing the key resistance level of approximately $44,000, and the upward trend continued to be strong. Just this morning (9th), it successfully broke through $46,000, with a temporary report of $46,308.
The $45,000 resistance level has been present since the Bitcoin spot ETF started trading about four weeks ago, and this price performance supports Thielen’s view.
Thielen described this breakthrough as a very important development, marking the end of the adjustment period for Bitcoin, which fell to $38,500 at the end of January. He pointed out that this opens the door for Bitcoin to reach the short-term target of $48,000.
Analyst: Bitcoin may reach $52,000 by mid-March
In the report, Thielen further predicts the future price of Bitcoin based on Elliott Wave Theory. This theory assumes that price fluctuations exhibit repetitive wave patterns through five stages of progress. Among them, waves 1, 3, and 5 are the driving waves of the main trend, while waves 2 and 4 are the retracements between price trends.
According to Thielen’s analysis, Bitcoin has completed the retracement of wave 4 to $38,500 and has entered the fifth stage of an upward trend. He expects Bitcoin to reach the target price of $52,000 by mid-March.
On the other hand, Thielen also previously predicted in a report that with a favorable macroeconomic environment, favorable monetary policies, the influence of the U.S. election cycle, and an increase in demand for cryptocurrencies from traditional financial investors, the price of Bitcoin may reach the target of $70,000 by the end of this year.
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