According to Markus Thielen, Head of Research at Matrixport and Founder of 10x Research, Bitcoin (BTC) has been buoyed by a solid rally around the Lunar New Year celebrations, and will continue to recover in the short term after the breakout. It is expected to go for $48,000.
“The next few days are statistically the most important, as Bitcoin is trending up +11% around the Lunar New Year starting Saturday, February 10th,” Thielen said in a report on Thursday. “For the past nine years, every time a trader would have bought Bitcoin three days before the start of Lunar New Year and sold it 10 days after the start of Lunar New Year, Bitcoin has risen.”
Largest cryptocurrency by market capitalization increased rapidly It rose above $45,000 on Thursday, following yesterday’s key resistance near $44,000, which has capped spot ETF prices since they began trading in the U.S. about four weeks ago.
Thielen described the breakout as “very important” as it marks the end of a correction period that saw Bitcoin drop to $38,500 in late January. “This opens the door to our short-term goal of $48,000,” Thielen added.
Looking further ahead, Thielen predicted further gains for Bitcoin based on Elliott Wave Theory, a technical analysis that posits that prices move in repeating wave patterns. According to theory, price trends are divided into five stages, of which the first, third, and fifth waves are “shock waves” that represent the main trend. Waves 2 and 4 are retracements between impulsive price movements. According to Thielen, BTC has completed the fourth wave retracement by correcting to $38,500 and is now on the fifth and final impulse of this uptrend with a target of $52,000 by mid-March. It is said to be at a stage.
Thielen said the overall bull market could continue into next year and peak between April and September 2025. In a previous report he set Achieving a price target of $70,000 by the end of this year on the back of a supportive macro environment, economic tailwinds, US election cycle, and increasing demand from traditional financial investors.