US stocks hit record highs, Bitcoin rebounds from the bottom, breaking through the $43K resistance line.

The US stock market rose yesterday, with the S&P 500 index closing above 4,900 points, reaching a new all-time high along with the Dow Jones Industrial Average. Bitcoin also rebounded last week after hitting bottom, currently breaking through the 43K resistance. Analyst Markus Thielen from Matrixport believes that it has entered the fifth wave of Elliott Wave Theory, with a price target of $52,671.

Market Focuses on Tech Stock Earnings Reports and Fed Interest Rate Decisions

This week, major tech stock earnings reports are taking center stage, including Alphabet (GOOGL-US), Microsoft (MSFT-US), Apple (AAPL-US), Amazon (AMZN-US), and Meta (META-US) among the seven tech giants in the US stock market. Whether these tech giants can deliver impressive results as expected and lead this year's stock market surge will be closely scrutinized by investors.

The first interest rate decision of 2024 will also be announced on Thursday, February 1, in Taiwan time. While the market generally expects the Federal Reserve to maintain interest rates at a high range of 5.25-5.5%, investors will infer the Fed's future rate cut pace from Chairman Powell's post-meeting press conference. At the December meeting last year, Powell mentioned for the first time that officials had begun to consider rate cuts, boosting market optimism that the US will smoothly achieve a soft landing. Previously, most investors even expected the Fed to start a rate-cut cycle in March.

However, after strong economic data emerged recently, the market's rate cut expectations have been pushed back to May, and the non-farm payroll figures to be released this Friday will also be one of the market's focal points.

Bitcoin Rebounds from Last Week's Lows, Breaks Through 43K Resistance

Matrixport analyst Markus Thielen indicated on the 26th that he turned bullish when Bitcoin touched $40,100, as his indicators suggested that Bitcoin might retrace to the $36,000/38,000 levels, which Bitcoin indeed dropped to $38,500, almost reaching their predicted target.

Markus Thielen referenced the well-known technical indicator Elliott Wave Theory, stating that the recent retracement from around $49,000 to $38,500 has formed the fourth wave retracement, and the fifth wave has already begun. Once it breaks through $43,000, long positions should be reestablished. He expects the fifth wave to potentially complete in the first quarter with a price target of $52,671.

Matrixport Analyst: Bitcoin Ends "Fourth Wave" and Turns Bullish, Targeting $50,000 in the First Quarter