Bitcoin is on track to reach $48,000 in the near term, driven by its historical performance during the Chinese New Year festivities, as highlighted by Markus Thielen, the head of research at Matrixport and the founder of 10x Research.
According to Thielen, Bitcoin could surge to $52,000 by mid-March, with the current bull run expected to peak in 2025.
In a recent report, Thielen emphasized the significance of the next few days, citing statistics that show Bitcoin tends to rally approximately 11% during the Chinese New Year period, commencing on February 10th. Over the past nine years, Bitcoin has consistently seen positive returns during this period, with traders witnessing gains by buying Bitcoin three days before the Chinese New Year and selling it ten days after the festivities begin.
The recent breakout above $45,000, following the clearance of a key resistance level at $44,000, marks a crucial turning point according to Thielen. This breakout signifies the end of a corrective phase that saw Bitcoin dip to $38,500 in late January. As a result, Thielen anticipates Bitcoin's price to ascend to $48,000 in the short term.
Looking ahead, Thielen employs Elliott Wave theory to forecast further upside potential for Bitcoin. According to this technical analysis framework, price movements follow repetitive wave patterns, with five stages defining the main trend. Thielen suggests that Bitcoin has completed its fourth wave retracement by correcting to $38,500 and is now poised for its fifth impulsive stage, targeting $52,000 by mid-March.
In addition to short-term projections, Thielen outlines a broader bullish outlook for Bitcoin, indicating that the overall bull market could extend into the next year, reaching its peak between April and September 2025. He previously set a year-end price target of $70,000, citing supportive macroeconomic conditions, monetary tailwinds, the U.S. election cycle, and increasing demand from traditional finance investors.
In summary, Bitcoin's recent breakout and historical performance during the Chinese New Year festivities suggest a bullish trajectory, with short-term targets of $48,000 and mid-term projections of $52,000, as outlined by 10X Research's Markus Thielen.
(Bitcoin, Chinese New Year, cryptocurrency, market analysis, price prediction, bullish trend, Elliott Wave theory, market breakout, price target, market research, trading strategy, market dynamics, macroeconomic conditions, monetary policy, investment outlook, traditional finance, market sentiment)
