Bitcoin, which experienced a major correction after the Spot ETF approval, fell to $ 38,000 in this process.
However, BTC recovered, albeit slightly, and is currently at $42,000.
At this point, while investors were wondering whether the correction in Bitcoin was over, a positive comment came from 10X Research analyst Markus Thielen.
According to Coindesk, Markus Thielen said that Bitcoin's 5th wave momentum 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.
Thielen, who based his rise theory on the Elliot Wave theory, 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.
At this point, Thielen pointed out that Bitcoin's decline from $ 48,000 to $ 38,500 constituted the 4th wave, that is, a temporary retreat, and argued that the 5th wave has now started in BTC and this could increase 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 all-time highs, and Google allowing Bitcoin and Crypto ETF ads starting today.”
Bitcoin continues to trade at $42,188 at the time of writing.
*This is not investment advice.