“10x Research Analysts Predict Formation of the ‘Fifth Wave’: Investors Advised to Focus on Long Positions if Bitcoin Breaks $43,000”

"10x Research Analysts Predict Formation of the 'Fifth Wave': Investors Advised to Focus on Long Positions if Bitcoin Breaks $43,000"

"10x Research Analysts Predict Formation of the 'Fifth Wave': Investors Advised to Focus on Long Positions if Bitcoin Breaks $43,000"

Markus Thielen, founder of 10x Research, who previously predicted that Bitcoin would fall to $38,000, stated in a report sent to clients on Monday that with the reversal indicator showing a tradable price bottom has formed, investors should start focusing on bullish trades.

Markus Thielen’s bullish view is based on the Elliott Wave Theory. According to this theory, price trends progress through five waves, with waves 1, 3, and 5 being the “impulsive waves” that represent the main trend. Waves 2 and 4 are “corrective waves” that indicate temporary pauses in the main trend. Markus Thielen believes that Bitcoin has been in a five-wave bullish pattern since the beginning of last year, and the recent drop from around $49,000 to $38,500 constitutes the fourth wave, or the corrective wave. Now, the fifth wave has begun to form and may drive the price to break through $50,000.

It is worth mentioning that this bullish view is consistent with the weakening of the “profit-taking understanding selling pressure” of GBTC. This profit-taking event caused Bitcoin to enter the fourth wave correction phase after the launch of the US spot ETF on January 11th.