Bitcoin ETF

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Markus Thielen, chief executive officer of 10x Research, on Monday said new highs for Bitcoin price are coming. He was one of the first few analysts who predicted a BTC price retracement to $38,000 post-spot Bitcoin ETF approval based on Bitcoin wave patterns. 
The crypto market rally faced headwinds amid uncertainty due to low trading volumes and negative sentiment surrounding <a href="https://coingape.com/bitcoin-etf-risks-investor-guide-when-gbtc-outflows-spook-the-market/" target="_blank" rel="noopener">GBTC outflows</a>. However, the short-term market sentiment remains bullish. 
<h2 id="best-range-to-buy-bitcoin-for-50-000">Best Range To Buy Bitcoin For $50,000</h2> 
Markus Thielen, former head of research at Matrixport, in a new <a rel="nofollow" href="https://reports.10xresearch.co/p/bitcoin-completed-wave-4-new-highs-coming" target="_blank">report</a> on January 29 predicts an upcoming Bitcoin (BTC) price rally as wave 5 begins. He anticipates BTC price reclaiming&nbsp;50,000 level by the end of this quarter. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GE-RT_HbgAANu8E?format=jpg&amp;name=medium" alt="Bitcoin" width="755" height="413"> 
“With reversal indicators suggesting that a tradeable low is in, we should focus on longs. From a risk management perspective, we should re-engage in long positions once bitcoin breaks above $43,000, said Markus Thielen. 
He suggests buying Bitcoin above $43,000, despite the minor resistance at $43,000-44,000 range. As per the Elliot wave theory, Bitcoin’s retrace wave 4 has ended and impulse wave 5 has begun. 
Thielen further added that declining GBTC outflows and Google supporting Bitcoin and crypto ETF advertising from today are potential catalysts to upside momentum in BTC price. 
Also Read: <a title="Spot XRP ETF: Futures ETF Is Not Required For Approval Says Bloomberg Analysts" href="https://coingape.com/spot-xrp-etf-futures-etf-bot-requires-approval/" target="_blank" rel="bookmark noopener">Futures ETF Is Not Required For </a><a title="Spot XRP ETF: Futures ETF Is Not Required For Approval Says Bloomberg Analysts" href="https://coingape.com/spot-xrp-etf-futures-etf-bot-requires-approval/" rel="bookmark">Spot XRP ETF</a><a title="Spot XRP ETF: Futures ETF Is Not Required For Approval Says Bloomberg Analysts" href="https://coingape.com/spot-xrp-etf-futures-etf-bot-requires-approval/" target="_blank" rel="bookmark noopener"> Approval Says Bloomberg Analysts</a> 
<h2 id="other-crypto-analysts-predictions">Other Crypto Analysts’ Predictions</h2> 
Top crypto analyst Michael van de Poppe says Bitcoin correction in response to spot Bitcoin ETF listing has likely ended. He expects a rebound in altcoins to start in the next 1-2 weeks “when ecosystems are thriving in returns before Bitcoin breaks the highs again.” 
Analyst Ali Martinez revealed a rise in new Bitcoin addresses that indicates a growing wave of interest among investors. He believes many investors have been buying the dip. 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GE_067XWMAA8Ytk?format=jpg&amp;name=large" alt="Bitcoin address" width="750" height="422"> 
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">BTC price</a> fell 1% in the past 24 hours, with the price currently trading at $42,197. The 24-hour low and high are $41,696 and $42,681, respectively. Furthermore, the trading volume has decreased by 10% in the last 24 hours, indicating a rise in interest among traders. 
Also Read: <a href="https://coingape.com/feds-rate-cuts-likely-in-march-before-bitcoin-halving-will-btc-price-rally/" target="_blank" rel="noopener">Fed’s Rate Cuts Likely In March Before Bitcoin Halving, Will BTC Price Rally?</a> 
The post <a href="https://coingape.com/bitcoin-price-analyst-who-predicted-38k-drop-says-50000-coming-soon/">Bitcoin Price: Analyst Who Predicted $38K Drop Says Rally To $50,000 Next</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin Price: Analyst Who Predicted $38K Drop Says Rally To $50,000 Next

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