• Markus Thielen, 10X Research, said that Bitcoin is likely to reach $48,000 by the end of the year. This is due to the strong historical track record surrounding the Chinese New Year.
  • Thielen said that BTC could reach $52,000 by the middle of March, with bull runs peaking in 2025.

BTC Price Index and Live Chart – CoinDesk”>(BTC) is headed towards $48,000 in the short term after its breakout fueled by a strong track record of gains around the Chinese New Year celebration, according to Markus Thielen, head of research at Matrixport and founder of 10x Research.

Thielen, in a report published on Thursday, wrote: “The next few weeks are of great statistical significance as bitcoin tends rise by +11% at Chinese New Year. This rally starts on Saturday February 10, starting the 10th.” In the past 9 years, Bitcoin was up each time that traders bought bitcoin three days before the Chinese New Year and sold it 10 days later.

The largest cryptographic asset by market capitalization soared beyond $45,000 on Thursday, after clearing yesterday a key level of resistance around $44,000. This had been capping the prices since spot ETFs started trading in the U.S. approximately four weeks ago.

Thielen called the breakout “very important”, as it marked the end a correction period in which BTC had fallen to $38,500 by late January. Thielen said, “This opens up the possibility of reaching our short-term goal of $48,000.”

According to Thielen (10X Research), Bitcoin clearing the $43,800 mark was a significant breakthrough.

Read more: Bitcoin Flat As Traders Look Ahead to the “Year of the Dragon”

Bitcoin at $52,000 by the middle of March

Thielen predicted further bitcoin gains based on Elliott Wave Theory, a technical study that assumes prices move in repetitive patterns. According to this theory, price trends are formed in five stages. Waves 1, 3 and 5 represent the “impulse waves”, which represent the main trend. The waves 2 and 4 represent retracements of the price impulsive action. Thielen says BTC has completed its wave four retracement, which was $38,500. BTC is now in its fifth and final impulsive phase of the uptrend, targeting $52,000 mid-March.

Thielen stated that the overall bull market may continue well into next spring, with a peak sometime between April 2025 and September 2025. In an earlier report he had set as a price target of $70,000 by the end this year, due to favourable macro-environment, monetary tailwinds and increased demand from traditional financial investors.

Stephen Alpher edited the book.