In December last year, the tech giant updated its advertising policy to allow Google-certified operators of “cryptocoin trusts” to advertise on Google’s search engine beginning Jan. 29.

Google advertisement policy. (Google) (Google)

Thielen’s bullish outlook is based upon the Elliot Wave Theory, which holds that prices move more in waves than simple patterns and that future movements can easily be predicted by looking at the repeated wave pattern.

The theory states that trends move in five waves. Of these, waves 1, 3 and 5 represent the primary trend. The other waves are retrace or reversal waves, which represent a temporary stoppage of the primary trend.

Thielen claims that bitcoin has been moving in a bullish five-wave pattern since the beginning of last year. The recent drop from $49,000 down to $38,500 is wave 4, or the temporary retracement. Wave 5 is now underway and could push prices to $50,000.

Thielen said that Elliott Wave Analysis has also labeled this retracement of 38,522 to be wave (4), with a projected wave (5) of 52,671 by the end Q1, 2024.

img alt=”Bitcoin’s Elliot Wave Analysis (10x Research). height=”320″ src=”https://wallstreetpride.com/wp-content/uploads/2024/01/RZHTAIKRHZGNTBRK7X5W2ROLS4.jpg” width=”560″/>Bitcoin’s Elliot wave analysis (10x Research). (10x Research)

The Grayscale Bitcoin Trust’s (GBTC) bullish outlook is in line with the decrease in selling pressure as investors take profits. Profit-taking is partly responsible for bitcoin’s wave 4 correction after the launch of U.S. based spot ETFs in January.

According to CoinDesk, Bitcoin was worth $42,160 as of the time of publication, a 0.3% increase on the day.

Parikshit Miishra is the editor.