Analyst Predicts Bitcoin's Wave 5 Impulse Move Above $50,000
Bitcoin's wave 5 impulse move has begun and could see prices top $50,000 by the end of the first quarter, 10x Research's Markus Thielen said, having correctly predicted the recent pullback.
Analyst Predictions for Bitcoin's Price
Markus Thielen, founder of 10x Research, correctly predicted bitcoin's recent drop to $38,000. Now, he believes that prices above $43,000 are appropriate for taking fresh bullish bets on the cryptocurrency.
Thielen's bullish view is based on the Elliot Wave theory, which suggests that bitcoin moves in waves and future movements can be predicted by observing the repetitive wave pattern. According to Thielen, bitcoin has been in a five-wave bullish pattern since early last year.
The recent pullback from roughly $49,000 to $38,500 constituted wave 4 or the temporary retracement. Now, wave 5 has begun and could potentially take prices above $50,000 by the end of the first quarter, 2024.
Factors Supporting the Bullish Outlook
The decline in selling pressure from investors taking profits in the Grayscale Bitcoin Trust (GBTC) is consistent with Thielen's bullish outlook. The profit-taking was partially responsible for bitcoin's wave 4 correction.
Thielen believes that potential catalysts for a move higher include the diminishing impact of Grayscale GBTC selling, stocks making new all-time highs, and Google allowing Bitcoin & Crypto ETF advertisements.
At press time, bitcoin was trading at $42,160, representing a 0.3% gain on the day according to CoinDesk data.
CoinDesk: A Leading Source of Crypto News and Information
CoinDesk is a trusted media outlet that provides news and information on cryptocurrency, digital assets, and the future of money. CoinDesk operates as an independent subsidiary and upholds the highest journalistic standards.
In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. CoinDesk's editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to ensure journalistic integrity.
Stay up to date with CoinDesk's latest news and events by subscribing to their newsletter and following their team of expert journalists on Twitter.
