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An analyst at 10x Research allowed the Bitcoin rate to rise above $52 thousand by April.

Markus Thielen considers the right moment to start “bullish” bets when the first cryptocurrency breaks through the price level of $43 thousand.

Markus Thielen from 10x Research allowed Bitcoin to rise above $52 thousand by the end of the first quarter of 2024. The analyst, who predicted Bitcoin's recent decline to $38,000 in mid-January, believes that a slowdown in the outflow of funds from the Grayscale Bitcoin Trust (GBTC) and advertising of a Bitcoin ETF on Google could contribute to further growth in the price of the first cryptocurrency.

In his forecasts, Thielen uses Elliott theory, which suggests that asset prices move in waves. According to this theory, a trend develops in five waves, of which the first, third and fifth are “impulse waves” of the main trend. The rest are “pullback waves,” meaning a temporary stop in the main trend.

According to Thielen, Bitcoin has been in this “wave” pattern since the beginning of last year, and the recent depreciation from $49 thousand to $38.5 thousand represents the fourth wave, that is, a temporary pullback. Now the fifth wave has begun, which can raise the price of Bitcoin above $52.6 thousand.

“From a risk management perspective, we should go long again as soon as Bitcoin breaks above $43,000. <...> Potential catalysts for a move higher could include a reduction in the impact of Grayscale GBTC sales on the price of Bitcoin, new all-time highs in stocks and allowing advertising cryptocurrency ETFs on Google,” wrote the founder of 10x Research.