Matrixport Analyst: Bitcoin’s “Fourth Wave” Ends, Shifts to Bullish with Price Target of $50,000 in Q1
Matrixport analyst Markus Thielen recently changed his view on Bitcoin and set a target price of $50,000 for the cryptocurrency by the end of the first quarter. On the 26th, Thielen stated that he had turned bullish on Bitcoin when it reached $40,100. His indicators had suggested that Bitcoin could pull back to the $36,000-$38,000 range, and it did fall to $38,500, almost reaching their predicted target. In addition, Thielen pointed out in his report “Don’t Miss Out” that Bitcoin is expected to rise after three weeks of consolidation. According to CoinDesk, Thielen referenced the well-known technical indicator Elliott Wave Theory, stating that Bitcoin has been in an upward wave since early last year. The recent pullback from $49,000 to $38,500 is considered the fourth wave or a temporary correction, and the fifth wave has now begun. Once it surpasses $43,000, it is recommended to establish a long position. Thielen identified the pullback to $38,522 as the fourth wave, and he expects the fifth wave to be completed in the first quarter with a target price of $52,671. Thielen’s previous predictions have garnered attention, including his bold prediction on January 3 that a Bitcoin spot ETF would not be approved, as well as his quick changes in stance, which have faced criticism from the community. He previously stated on January 17 that he was bearish on BTC in the short term but turned bullish on ETH, and now he has changed to being bullish on BTC again. However, in his latest report, Thielen referenced his past predictions to emphasize his accuracy. He highlighted predictions such as a low point in October 2022, BTC reaching $45,000 by the end of 2023, a 200% increase in Bitcoin mining companies’ stocks by September 2023, and the peak of Bitcoin mining company stocks in December 2023. He emphasized that the market structure analysis, quantitative models, and intuition of 10x Research have repeatedly proven their advantage in the cryptocurrency market.
