The cryptocurrency market had a very active weekend. In particular, the leading cryptocurrency Bitcoin made a nice rally extending above 48 thousand dollars. This brings to mind, ‘Is it time to sell?’ brought the question. 10x Research CEO, who successfully predicted BTC’s latest movements, answered this question. Meanwhile, IntoTheBlock’s latest analysis shows stiff resistance at $48.5K. However, analysts predict that BTC still has a way to go.
Is it time to sell Bitcoin?
cryptokoin.comAs you follow from, Bitcoin lost ground after spot ETF approval. After this, the leading crypto recovered and traded in a narrow range for a while. However, it broke through these hurdles last week and rallied above $48,000. Markus Thielen, CEO of 10x Research, who hit the decline and subsequent rise in this process, announced his latest predictions. After the last rise, the analyst asked, “Is it time to sell?” He was looking for an answer to his question. “Bitcoin reached our 48,000 target within days,” Thielen said. Should you sell now?” He shared the following evaluations with the title:
We received a new buy signal from our Trading Signals on Saturday, February 10th.
- We wrote on January 26 that we were no longer bearish and that we expected the nearly month-long consolidation to be about to reverse, although it missed the 38,000 downside target by only 522 points (the actual low is 38,522).
- On January 29, we wrote that the downward (4) wave was completed and new highs were coming. Many of our subscribers received a tactical buy signal a few days ago when Bitcoin was trading at 40,100. Our February 7 note identified the 43,800 level as a critical breakout level that “could quickly move Bitcoin to 48,000.”
In his previous note, the analyst states that February is in an upward trend. It also reminds us that Bitcoin has the potential to reach 52,000. Additionally, he notes that there is a 70% probability that BTC will trend positively in February, based on historical precedents, with an average of 8%.
BTC may face stiff resistance near $48.5k
Bitcoin (BTC) saw an almost 90-degree rebound from $38,500 to $48,000 in three weeks, alongside significant inflows into spot BTC exchange-traded funds (ETFs) and a record bullish move in stocks. Analysts expect prices to surpass $52,000 in the coming weeks. Moreover, they predict a price of over $100,000 by the end of the year. However, the bullish momentum may face resistance near $48,500 in the short term, according to analysis by analytics platform IntoTheBlock.
According to IntoTheBlock, the average purchase cost of approximately 270,000 BTC ($12.96 billion) held by more than 800,000 crypto addresses is $48,491. Some of these addresses may halt the bullish momentum by liquidating their Bitcoin holdings once the BTC price rises to $48,491. In this context, IntoTheBlock said, “Bitcoin has set its sights on 50 thousand dollars! There is a significant resistance level left to get there. More than 800 thousand addresses purchased approximately 270 thousand BTC at an average price of $ 48,491. These addresses are currently in the red. “It is possible that selling pressure will come as they equalize their positions,” he said.
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