- 10x Research CEO Markus Thielen anticipates a Bitcoin price rally to $50,000 as wave 5 begins.
- Thielen suggests re-engaging in long positions above $43,000, supported by reversal indicators and potential catalysts.
Bitcoin Price Projection and Analysis
Markus Thielen, the CEO of 10x Research, is among the few analysts who correctly predicted a retracement in Bitcoin’s price to $38,000 after the approval of the spot Bitcoin ETF. Now, he foresees new highs for Bitcoin as wave 5 begins, signaling a potential rally to $50,000.
While the crypto market has faced challenges due to low trading volumes and concerns about GBTC outflows, short-term market sentiment remains bullish.
Strategic Entry Point: Above $43,000
In his recent report dated January 29, Thielen suggests that Bitcoin investors should focus on long positions. From a risk management perspective, he recommends re-engaging in long positions once Bitcoin breaks above the $43,000 threshold. Despite minor resistance in the $43,000-$44,000 range, Thielen believes that Bitcoin’s retrace wave 4 has concluded, and impulse wave 5 has commenced.
This analysis aligns with the Elliott wave theory, a technical analysis approach that identifies market cycles and trends. Wave 5 typically represents the final phase of an uptrend, suggesting potential price growth for Bitcoin.
Catalysts for Upside Momentum
Thielen also highlights two potential catalysts for Bitcoin‘s upward momentum. Firstly, declining GBTC outflows could indicate a renewed interest in Bitcoin among institutional investors. Secondly, Google’s support for Bitcoin and crypto ETF advertising further reinforces positive sentiment in the market.
Other Analyst Perspectives
Several other crypto analysts share varying insights into Bitcoin’s future. Michael van de Poppe believes that the correction in response to the spot Bitcoin ETF listing has likely concluded and anticipates a rebound in altcoins before Bitcoin resumes its upward trajectory.
Analyst Ali Martinez observes a rise in new Bitcoin addresses, indicating growing interest among investors and suggesting that many are buying during market dips.
As of the latest data, Bitcoin is trading at $42,197, experiencing a 1% decrease in the past 24 hours. The price has oscillated between $41,696 and $42,681 during this period. Despite a 10% decrease in trading volume over the last 24 hours, increased trader interest remains evident.