Having experienced a major correction after the spot ETF approval BitcoinDuring this period, it dropped to $38,000.
However, there was a small recovery afterwards BTCcurrently stands at $42,000.
At this point, investors are wondering whether the correction in Bitcoin is over. one0X Research analyst Markus ThielenA positive comment came from.
According to Coindesk news, Markus Thielen said that Bitcoin’s 5th wave momentum movement has begun and the price may rise above $ 50,000 by the end of the first quarter.
Markus Thielen, who correctly predicted that Bitcoin would decline to $38,000, stated that it was appropriate to enter long positions in BTC above $43,000.
Ascension theory Elliot Wave Based on his theory, Thielen stated the following in a note he wrote to customers:
“While reversal indicators are beginning to be seen in Bitcoin, data now shows that a low level is approaching.
At this point, we should now focus on long positions in Bitcoin. “From a risk management perspective, we should re-enter long positions once Bitcoin rises above $43,000.”
According to the Elliot Wave theory, the analyst states that trends progress in five waves, 1, 3 and 5 of which are “push waves” representing the main trend, while the remaining 2 and 4 waves are “retreat waves” showing that the main trend has temporarily stopped. told.
Thielen pointed out that at this point, Bitcoin’s decline from $ 48,000 to $ 38,500 constitutes the 4th wave, that is, a temporary retreat. BTC’He also argued that the 5th wave has now started and this could raise the price above $ 50,000.
“Potential catalysts for a bullish move higher in Bitcoin include the diminishing impact of Grayscale’s GBTC sale on the Bitcoin price, stocks hitting new all-time highs, and Google allowing Bitcoin and Crypto ETF ads starting today.”
Bitcoin At the time of writing, it continues to be traded at $42,188.
*This is not investment advice.
Source: Bitcoinsistemi.com