Matrixport analysts predict: Bitcoin's fourth wave will turn bullish and is expected to hit $50,000 in the first quarter

This site (120BTc.coM): Matrixport and 10x Research analyst Markus Thielen recently changed his view on Bitcoin and set the target price of Bitcoin at the end of the first quarter at 5 Ten thousand U.S. dollars.

Markus Thielen: Bitcoin has turned bull

Markus Thielen said on the 26th that his bullish prediction turned into reality when Bitcoin hit $40,100. Previous indicators suggested that Bitcoin might retrace to the 36,000/38,000 level, but in fact Bitcoin’s decline only reached 38,500, close to their forecast target.

He also pointed out in the report "Don't Miss Out" that Bitcoin will start to rise after three weeks of consolidation.

Bitcoin Q1 looks at 50,000

According to CoinDesk, Markus Thielen quoted the well-known technical indicator wave theory and pointed out:

Since the beginning of last year, Bitcoin has been following the wave theory. The development of rising pattern. However, the recent pullback took it back from $49,000 to $38,500, forming a fourth wave or temporary pullback. Now, the fifth wave has begun and we should consider re-entering long positions once $43,000 is exceeded.

He stated that the pullback to 38,522 is the fourth wave, while the fifth wave may be completed in the first quarter, with an expected price target of $52,671.

According to Investopedia, the wave theory (Elliott waves) develops in the form of five waves, of which 1, 3, and 5 represent rising waves, and 2 and 4 are corrective waves.

Markus Thielen’s past predictions

Markus Thielen is famous for his bold prediction on January 3 that the Bitcoin spot ETF would not be approved, and his quick change of stance The prediction was also criticized by the community. On January 17, he stated that he would be short on BTC in the short term, then bullish on ETH, and now he is bullish on BTC.

However, Markus Thielen quoted his past forecasts in the latest report, emphasizing that he has accurately predicted many times (he hopes everyone will buy the analysis report):

• October 2022: Forecast low.

• February 2023: BTC is predicted to rise to 45,000 by the end of the year.

• September 2023: Bitcoin mining companies are predicted to rise by 200%.

• December 2023: Bitcoin mining stocks are predicted to have peaked.

He emphasized that 10x Research’s market structure analysis, quantitative models and intuition have repeatedly proven their advantages in the cryptocurrency market.

The above is the detailed content of Matrixport analysts predict: Bitcoin's fourth wave will turn bullish and is expected to hit $50,000 in the first quarter. For more information, please follow other related articles on the PHP Chinese website!