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Matrixport Analyst: Bearish on BTC in the short term; ETH expected to surge to $3,000 soon

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Matrixport Analyst: Bearish on BTC in the short term; ETH expected to surge to $3,000 soon

Matrixport analyst Markus Thielen, who previously stirred controversy with his rapid shifts in bullish and bearish views, has once again released a report in which he maintains his argument that Bitcoin will reach $38,000 and Ethereum will reach $3,000.

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Bitcoin Showing Signs of Weakness

In a recent report by Markus Thielen, several indicators of Bitcoin's weakness were highlighted:

  • Slower growth compared to last year: Bitcoin's growth rate was 155% last year, nearly 40% in January, but only 3% so far this year.

  • Weaker inflow of Bitcoin: Despite the influx of funds due to ETFs, the selling pressure from GBTC offsets it.

  • Strong resistance at $45,000.

Markus Thielen pointed out that the high trading volume of Bitcoin ETFs indicates that Bitcoin will become a key pillar of traditional financial products. However, this also suggests that options and derivative products will be introduced, potentially further impacting price volatility.

Bitcoin Expected to Fall to $38,000

Due to the resistance at $45,000, Markus Thielen has maintained a cautious stance on Bitcoin. However, he believes this aligns with his expectation that Bitcoin will perform well after the halving and the presidential election.

He also noted that during previous halving years such as 2012, 2016, and 2020, Bitcoin experienced an average increase of 17%, followed by a gradual decline until March. Markus Thielen reiterated his argument that Bitcoin will fall to $38,000.

However, BTC's average annual increase during halving years is about 192%. Overall, Markus Thielen remains bullish on BTC's performance in 2024.

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ETH Expected to Reach $3,000 Soon

In another report by Markus Thielen from 10x Research, it was mentioned that they recommended buying ETH instead of BTC in their report on December 29. Since then, ETH has risen by +13% while BTC has only risen by +3%.

Thielen believes that ETH will soon reach the $3,000 level as the open interest in ETH futures contracts is rapidly increasing, and the daily RSI has not yet reached the overbought zone.