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Matrixport Analyst: Bitcoin's "Fourth Wave" Ends, Turning Bullish, Could Hit $50,000 in Q1

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Matrixport Analyst: Bitcoin

Matrixport and 10x Research analyst Markus Thielen recently turned bullish on Bitcoin, setting a target price of $50,000 by the end of the first quarter.

Markus Thielen: Bitcoin Has Turned Bullish

Markus Thielen stated on the 26th that he had turned bullish on Bitcoin when it reached $40,100. His indicators had shown that Bitcoin might retrace to the $36,000/38,000 levels, and indeed Bitcoin dropped to $38,500, almost hitting their predicted target.

In his report "Don't Miss Out," he also mentioned that Bitcoin is set to rise after three weeks of consolidation.

Bitcoin Eyes $50,000 in Q1

According to a report by CoinDesk, Markus Thielen referenced the well-known technical indicator Elliott Wave Theory:

Bitcoin has been in an uptrend according to Elliott Wave Theory since early last year, and recently retraced from around $49,000 to $38,500, forming the fourth wave or a temporary retracement. The fifth wave has now started, and once it breaks $43,000, we should re-establish long positions.

He mentioned that the retracement to $38,522 is the fourth wave, and the fifth wave may complete in the first quarter, with a price target of $52,671.

As described by Investopedia, Elliott waves develop in a five-wave pattern, where waves 1, 3, and 5 represent upward movements, and waves 2 and 4 are corrective waves.

Markus Thielen's Past Predictions

Markus Thielen gained fame for boldly predicting on January 3 that a Bitcoin spot ETF would not be approved, and his quick change in stance on predictions has faced criticism from the community. On January 17, he mentioned being bearish on BTC in the short term, switching to bullish on ETH, and now back to being bullish on BTC.

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

However, in his latest report, Markus Thielen referenced his past predictions, emphasizing his accurate forecasts multiple times. He encourages everyone to purchase the analysis report:

He emphasized that 10x Research's market structure analysis, quantitative models, and intuition have repeatedly proven their advantage in the cryptocurrency market.