Will Bitcoin give out red envelopes during the New Year? Markus Thielen, director of research at Matrixport and founder of 10x Research, pointed out in a report that Bitcoin usually shows an upward trend during the Chinese New Year.
(Preliminary summary: Real-time status of Bitcoin spot ETF” BlackRock’s trading volume surpassed Grayscale for the second time, and GBTC selling pressure has dropped by 50%)
(Background supplement: Spring Festival Special “Teaching on sending red envelopes with cryptocurrency! Pass it on to your boss and elders quickly)
The new year is here again!Markus Thielen, head of research at crypto financial product service platform Matrixport and founder of 10x Research, recentlypublished a reportpredicts that the price of Bitcoin (BTC) will reach $48,000 in the short term.
According to his analysis, Bitcoin typically shows an upward trend during the Lunar New Year period, with the following days being “extremely statistically significant.” Thielen noted in the report:
Starting from February 10, Bitcoin typically rises by 11% around the Lunar New Year. Over the past nine years, if investors bought Bitcoin three days before the Lunar New Year and sold it 10 days after the New Year, the price of Bitcoin would almost always rise during this period.
Bitcoin return rate before and after the Lunar New Year｜Source: 10x Research
Bitcoin breaks through 46,000 mg mark
At around 9 o’clock in the evening yesterday (9th), the price of Bitcoin exceeded 45,000, surpassing the previous key resistance level of about 44,000 US dollars, and the upward trend continued to be strong. Just this morning (9th), it successfully exceeded 46,000 US dollars. As of this writing, Quoted at $46,308.
The $45,000 resistance level has been in place since about four weeks after the Bitcoin spot ETF began trading, and this price performance supports Thielen’s view.
Thielen said this breakthrough was a very important development, marking the end of Bitcoin’s correction period since it fell to $38,500 at the end of January. He noted that this opens the door for Bitcoin to reach its short-term target of $48,000.
Analyst: 52,000 mg in mid-March
In the report, Thielen further predicted the future price of Bitcoin based on Elliott Wave Theory, which assumes that price fluctuations will show a repeating wave pattern, progressing through five stages. Among them, waves 1, 3, and 5 are the driving waves of the main trend, while waves 2 and 4 are callbacks between price movements.
According to Thielen’s analysis, Bitcoin has completed the fourth wave of correction to $38,500 and has entered the fifth stage of the upward trend. He expects Bitcoin to reach a target price of $52,000 by mid-March.
On the other hand, Thielen also predicted in an earlier report that under the favorable macroeconomic environment, favorable monetary policy, the impact of the U.S. election cycle, and the increased demand for cryptocurrencies from traditional financial investors, the price of Bitcoin may be at The goal is to reach $70,000 by the end of this year.
📍Related reports📍
CEO of Marathon, the largest mining company: Bitcoin halving narrative is “just a fantasy” and BTC will not surge
2024-02-09 03:08:17
#Bitcoin #breaks #Analyst #BTC #bullish #Spring #Festival #average #return #years #backtesting