Bitcoin (BTC) is on track to reach an all-time high before the end of the week, according to Markus Thielen, research director at cryptocurrency research firm 10x. Thielen's prediction comes as Bitcoin hit an all-time high against the Euro on Monday and is nearing a record against the US dollar.
In a note titled “Bitcoin's Price Action This Week Will Surprise Everyone,” Thielen emphasized the importance of the weekend price action. He noted that attempts were made to liquidate leveraged long positions but there were no sellers.
At the time of writing, Bitcoin was trading at just over $67,000, up 6% in the last 24 hours and some 3% below the all-time high of $69,000 reached in November 2021.
Thielen noted several bullish signs for Bitcoin, including the exodus of 63,000 Bitcoins held on exchanges in the last 30 days. Coinbase alone noted that its balance dropped from 400,000 to 372,000 in just one month.
Thielen also underlined that the bullish trend is not just about US ETFs. BlackRock launched a spot ETF in Brazil last week, and trading volumes in Korea rose to $8 billion per day for five consecutive days, from less than $1 billion previously.
While outflows from Grayscale's GBTC product increased last Thursday and Friday and inflows into BlackRock's IBIT slowed, Thielen expects movement into the BlackRock product to resume this week. “Flows are not decreasing as investors become more confident as the price rises,” Thielen said.
Thielen concluded his words as follows:
“If Grayscale's outflow drops below $100 million, Bitcoin will see a big rise.”
*This is not investment advice.