Bitcoin Could Hit $48K in Days, Propelled by Historic Chinese New Year Gains: 10X Research!
Markus Thielen, head of research at Matrixport and founder of 10x Research, predicts that Bitcoin (BTC) could surge to $48,000 in the short term, driven by its historical gains during the Chinese New Year celebration. According to Thielen, Bitcoin tends to rally by approximately 11% around Chinese New Year festivities, which start on February 10. Over the past nine years, Bitcoin has consistently seen positive returns when traders bought three days before the holiday and sold ten days after.
Bitcoin to $52,000 by mid-March!
Thielen also suggests that Bitcoin may reach $52,000 by mid-March, based on Elliott Wave theory, which identifies repetitive wave patterns in price movements. He points out that Bitcoin recently completed a corrective wave to $38,500 and has entered the final impulsive stage of its current uptrend.
Furthermore, Thielen predicts that the broader bull market could extend into next year, potentially peaking between April and September 2025. In an earlier report, he set a price target of $70,000 by the end of the year, citing supportive macroeconomic conditions, monetary tailwinds, the U.S. election cycle, and increasing demand from traditional finance investors.
$BTC
