Bitcoin Bull Market

Could Bitcoin Crack $52,000 Soon? Chinese New Year & Technical Analysis Point to Upswing

Bitcoin bulls are charging, fueled by historical trends and technical analysis suggesting a surge towards $48,000 in the coming days. This optimism stems from insights shared by Markus Thielen, head of research at Matrixport and founder of 10X Research.

Past Performance Paints a Bullish Picture: Thielen highlights Bitcoin’s impressive track record around the Chinese New Year, noting a consistent 11% average price increase over the past nine years. With the festivities starting on February 10th, anticipation runs high for a similar upswing this year.

Technical Analysis Signals Breakout:

Beyond historical trends, Thielen leverages Elliott Wave theory, a technical analysis framework, to predict Bitcoin’s future trajectory. He believes the recent price climb past $45,000 signifies the end of a corrective period and the beginning of the final impulsive wave within the current uptrend. This wave, according to his analysis, targets $52,000 by mid-March.

Long-Term Bull Run on the Horizon:

Thielen doesn’t stop there. He envisions the ongoing bull market extending well into 2025, potentially peaking between April and September. This prediction aligns with his earlier forecast of a $70,000 price target by year-end, fueled by factors like the supportive macro environment, ongoing monetary stimulus, and rising institutional investor interest.

Related: Bitcoin Back on the Bull Run: Price Soars Past $46k, Bears Get Smoked in $100M Liquidation Frenzy

Important Caveats:

While Thielen’s analysis presents a compelling case for Bitcoin’s near-term and long-term potential, it’s crucial to remember that cryptocurrency markets are inherently volatile and prone to unexpected shifts. Past performance is not a guarantee of future results, and technical analysis should always be considered alongside fundamental factors and broader market conditions.

Overall, Thielen’s insights offer valuable food for thought for Bitcoin investors and enthusiasts. By understanding historical trends, technical indicators, and potential catalysts, individuals can make informed decisions about their cryptocurrency holdings.

The global cryptocurrency market is experiencing a strong bullish run, with the total market capitalization exceeding $930 billion as of February 9, 2024. This represents a +6.18% increase in the last 24 hours, marking a positive sentiment across the crypto landscape. Bitcoin (BTC), the undisputed king of cryptocurrencies, is leading the charge, currently trading at $47,354.00, a +6.00% increase from its price yesterday.

CoinmarketCap Data

The current bullish trend suggests growing investor confidence in the cryptocurrency market. However, the market remains susceptible to external factors and regulatory changes, so investors should exercise caution and conduct thorough research before making any investment decisions.

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