Bitcoin Giving Out Red Envelopes in the Lunar New Year? According to a report by Markus Thielen, Director of Research at Matrixport and Founder of 10x Research, Bitcoin usually shows an upward trend during the Lunar New Year period.
In his report, Thielen predicts that the price of Bitcoin (BTC) will reach $48,000 in the short term. Based on his analysis, the next few days have “extremely significant statistical significance”. Thielen points out in the report:
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Bitcoin Return Rate Before and After Lunar New Year | Source: 10x Research
Bitcoin Breaks Through the $46,000 Mark
Around 9 PM yesterday, the price of Bitcoin broke through $45,000, surpassing the key resistance level of about $44,000. The upward trend continued, and this morning, it successfully broke through $46,000, reaching $46,308 at the time of writing.
The $45,000 resistance level has been present since the Bitcoin spot ETF started trading about four weeks ago, supporting Thielen’s view.
Thielen regards 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 points out that this opens the door for Bitcoin to reach its short-term target of $48,000.
Analyst: $52,000 by Mid-March
In the report, Thielen further predicts Bitcoin’s future price based on Elliott Wave Theory, which assumes that price fluctuations will exhibit repetitive wave patterns through five stages of progress. The first, third, and fifth waves are the driving waves of the main trend, while the second and fourth waves are the retracements between price movements.
According to Thielen’s analysis, Bitcoin has completed the retracement of the fourth wave 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 had previously predicted in a report that Bitcoin’s price could reach $70,000 by the end of this year due to a favorable macroeconomic environment, positive monetary policies, the impact of the US election cycle, and increasing demand for cryptocurrencies from traditional financial investors.
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