Optimistic about the pullback? 10X Research: Bitcoin breaking new highs guarantees an uptrend, pullback is only temporary

10X Research cites historical trends, emphasizing that after reaching a new high, Bitcoin may experience a pullback, but the price continues to rise 10 and 20 days later. The key question is whether it can maintain the $68,300 level.

Crypto Market Experiences General Decline

The cryptocurrency market saw a general decline on March 15th, with the top ten currencies experiencing a 5 to 6% decrease in the past 24 hours. BTC -5.79%, ETH -6.15%, BNB -5.4%.

However, despite this, 10X Research emphasized earlier that the bull market is far from over. What is analyst Markus Thielen's outlook for the future as of March 13th?

Markus Thielen: Exclusive Bitcoin Bull Market Only Halfway, Targeting 125K

Bitcoin's Fixed Trajectory After Reaching New Highs

Experienced traders may anticipate consolidation or pullback after Bitcoin reaches new highs, and it may seem wise to take profits and lock in gains after the price of Bitcoin has surged from 40,000 to 70,000 USD, a +70% increase.

However, 10X Research believes that as long as Bitcoin maintains above the $68,300 level, the likelihood of continued upward movement is higher.

Especially as long as Bitcoin ETF continues to see net inflows, traders will buy on dips.

When Bitcoin reached new highs in February 2013, February 2017, and November 2020, the price trends were as follows:

• +6% increase 10 days later

• +19% increase 20 days later

• +54% increase 30 days later

• +130% increase 60 days later

• +181% increase 90 days later

• +189% increase 180 days later

Consolidation Period is Temporary

10X Research points out that even though the returns diminish in each bull market cycle, historical trends indicate that as long as Bitcoin reaches new highs, the price should continue to rise.

While there may be consolidation periods of 10 or 20 days, the price tends to be higher at 30 and 60 days. They predict Bitcoin will reach the following target prices:

• Early April: 77,000

• May: 99,000

• Long-term target: 125,000

Despite historical data suggesting that Bitcoin may reach the astronomical figure of $146,000 within 90 days in the summer, 10X Research still maintains the target price of 125,000 and believes the bull market will continue until 2025.

Analyst Markus Thielen urges:

Although pullbacks may occur at any time, traders can use the breakthrough level of 68,300 as a benchmark. At this level, we can expect substantial gains for Bitcoin in the coming weeks and months.