Markus Thielen, CEO of 10x Research, has indicated in his latest market report that Bitcoin is on the cusp of reaching unprecedented heights. Thielen, who had accurately forecasted a price dip to $38,000 after the approval of a spot ETF, witnessed his prediction come true as the cryptocurrency market rally halted, leading to a price drop due to low trading volumes and significant Bitcoin outflows from GBTC. He now anticipates a price rebound after a pullback to $38,500.
In a recent market report, Thielen expressed his belief that Bitcoin’s price is set for a rally, potentially reaching $50,000 by the end of the first quarter. This forecast is based on the start of the 5th wave of the Elliott Wave Theory, suggesting an upcoming price surge.
Thielen advises traders to look for opportunities to open long positions, as indicators show a potential shift from a downtrend to an uptrend. He recommends re-entering long positions once Bitcoin surpasses the $43,000 mark, despite minor resistance between $43,000 and $44,000.
The bullish outlook from Thielen is rooted in the Elliott Wave Theory, which posits that Bitcoin has completed its 4th wave of retracement and is embarking on the 5th wave, an impulse wave. He also notes that the reduced outflows from GBTC and Google’s recent policy to permit ads for Bitcoin and crypto-based ETFs may serve as catalysts for the price increase.
Other cryptocurrency analysts, including Michael van de Poppe, believe Bitcoin’s price correction following the spot ETF approval is concluding, with expectations of an altcoin recovery soon. Similarly, analyst Ali Martinez has observed a surge in new Bitcoin wallet addresses, suggesting a growing investor interest and purchases during the price dip.