Leading cryptocurrency Bitcoin surged back above $70,000 last night, triggering a broader rise in the market.
At this point, while some analysts started to make bullish predictions again, Markus Thielen, CEO of 10x Research, which was successful in finding the bottoms, said that the downward trend in Bitcoin turned into an upward trend and that Bitcoin could break out of consolidation and reach new records.
Sharing some signs that the decline in BTC has reversed, Thielen stated that the reversal indicators point to an upward trend and that the upward trend will continue as long as Bitcoin is not traded below $68,000.
At this point, Thilen said that he predicted that BTC would experience a significant increase within this week, that is, at the end of the first quarter, unless Bitcoin falls below the critical level of $ 68,000.
Stating that the first indicator pointing to an increase is historical Bitcoin halving cycles, the analyst pointed out that BTC experienced triple-digit increases in previous halving cycles.
At this point, if history repeats itself and there is a three-digit rally in the 2024 halving, the BTC price can reach $ 140,000.
Stating that the second upward indicator is the symmetrical triangle formation, Thielen stated that breaking the critical level of $ 68,000 could herald a price increase of $ 15,000-20,000 from $ 63,000 determined in the formation.
Accordingly, if Markus Thielen's predictions come true, BTC can rise to $ 83,000.
“As Bitcoin retested and broke once again from previous tops in the current cycle, BTC has tended to post significant gains.”
*This is not investment advice.