According to Markus Thielen, director of research at Matrixport and founder of 10X Research, Bitcoin (BTC) is on a trajectory towards $48,000 in the short term. This prediction comes after a significant breakout caused by steady gains in value during Chinese New Year celebrations.
“The next few days are of great statistical significance as Bitcoin is trending up +11% around Chinese New Year, which begins on February 10 (Saturday),” Thielen wrote in a recent report.
“Over the last 9 years, Bitcoin has risen every time investors bought Bitcoin 3 days before the start of the Chinese New Year and sold it ten days later,” Thielen added.
Bitcoin broke through the key resistance level around $44,000 the day before and crossed $45,000 today. This level has been limiting the price since spot ETFs began trading in the U.S. about four weeks ago. Thielen called this breakout “very significant” as it marked the end of a corrective period in which BTC fell as low as $38,500 in late January. “This opens the door to our shorter-term target of $48,000,” Thielen added.
Thielen also predicted further upside for Bitcoin based on Elliott Wave theory, a method of technical analysis that assumes prices move in repeating wave patterns.
According to theory, price trends develop in five stages; Waves 1, 3, and 5 are “impulse waves” that represent the main trend, while waves 2 and 4 are pullbacks between the impulsive price movement. According to Thielen, BTC completed its wave 4 retracement by correcting to $38,500 and has now entered the final, fifth impulsive phase of this uptrend targeting $52,000 by mid-March.
Thielen predicts that the overall bull market could continue into next year and peak between April and September 2025.
*This is not investment advice.
