- The crypto market rally faced uncertainty due to low trading volume and negative sentiment towards GBTC outflows.
- Thielen recommends buying Bitcoin
above $43,000 despite a minor resistance at $43,000-44,000.
- Top crypto analyst Michael van de Poppe states that the correction in Bitcoin, in response to the listing of a spot Bitcoin ETF, is likely over.
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Bitcoin price experienced a drop below $40,000 and entered a recovery phase again: What will be the next target?
What’s the Next Stop for Bitcoin Price?
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Markus Thielen, CEO of 10x Research, stated on Monday that the Bitcoin price will reach new highs. He was one of the first analysts to predict a pullback to $38,000 based on wave patterns following the approval of a Bitcoin ETF.
The crypto market rally faced uncertainty due to low trading volume and negative sentiment towards GBTC outflows. However, short-term market sensitivity is still bullish. In a new report published on January 29, Markus Thielen, former chief researcher at 10x Research, predicts an upcoming Bitcoin (BTC) price rally with the start of wave 5. He expects the BTC price to reclaim the $50,000 level by the end of this quarter.
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“If we consider that trading is low, indicating a tradable low showing that Bitcoin above $43,000 is low, we should focus on long positions. From a risk management perspective, after Bitcoin goes above $43,000, we should re-enter long positions,” said Markus Thielen.
Thielen recommends buying Bitcoin above $43,000 despite a minor resistance at $43,000-44,000. According to the Elliott Wave Theory, Bitcoin’s corrective wave 4 has ended, and the impulsive wave 5 has begun. Thielen added that potential catalysts, such as decreasing GBTC outflows and Google supporting Bitcoin and crypto ETF ads starting today, support the upward momentum in the BTC price.
Other Crypto Analyst Predictions
Top crypto analyst Michael van de Poppe states that the correction in Bitcoin, in response to the listing of a spot Bitcoin ETF, is likely over. He expects a recovery in altcoins to begin in the next 1-2 weeks before Bitcoin breaks its previous highs.
Analyst Ali Martinez revealed an increase in new Bitcoin addresses, indicating a growing wave of interest among investors. She believes many investors bought the dip. The BTC price increased by 0.70% in the last 24 hours, currently trading at $42,300, with a 24-hour low and high of $41,696 and $42,681, respectively. Also, the trading volume decreased by 10% in the last 24 hours, indicating increased interest among traders.