9th February 2024 – (New York) As the Chinese New Year heralds in a season of celebration, it also brings with it a bullish sentiment for Bitcoin, according to recent insights from 10X Research. Markus Thielen, the head of research at the firm, suggests that Bitcoin’s price could soar to $48,000 in the coming days, bolstered by its historical performance during this festive period.
Over the past nine years, the leading cryptocurrency has seen an average increase of 11% around the time of the Chinese New Year. This pattern, identified by Thielen, indicates that Bitcoin has consistently risen in value when purchased three days before and sold ten days after the start of the holiday.
On 9th February, 2024, Bitcoin’s momentum continued as it broke through a significant resistance level, surpassing $45,000. This move is particularly notable as it comes after a period of correction, where Bitcoin had dipped to $38,500 in late January. Thielen views this recent breakout as a pivotal moment, potentially clearing the path for Bitcoin to reach the short-term target of $48,000.
The surge past the $43,800 mark has been highlighted as a key milestone by Thielen, signifying the end of a downward adjustment and heralding the possibility of further gains.
Looking ahead, the prognosis for Bitcoin remains optimistic, with Thielen employing the Elliott Wave theory as a basis for his forecast. This theory posits that market prices move in predictable, natural patterns, and according to Thielen’s analysis, Bitcoin has concluded its fourth-wave retracement at $38,500. The cryptocurrency is now projected to embark on its fifth and final wave, which could propel its value to $52,000 by mid-March.
Beyond this short-term outlook, Thielen envisions a sustained bullish market for Bitcoin that could extend into the following year, potentially reaching its zenith between April and September of 2025. He previously posited a $70,000 target for Bitcoin by the end of the current year, citing a favourable macroeconomic landscape, monetary policy tailwinds, the influence of the U.S. election cycle, and growing interest from institutional investors in the traditional finance sector.