Matrixport Analyst: BTC Short-term Bearish; ETH to Surge to $3,000 Soon
Matrixport analyst Markus Thielen, who previously sparked controversy due to his rapid shifts in market views, has once again released a report in which he maintains his argument that Bitcoin will reach $38,000 and Ethereum will reach $3,000.
In his latest report, Markus Thielen first highlights several signs of Bitcoin weakness:
– Slower growth compared to last year: Bitcoin saw a 155% increase in 2020, nearly 40% in January, but only a 3% increase so far this year.
– Weak Bitcoin inflows: Despite the influx of funds into Bitcoin through ETFs, this is offset by selling pressure from GBTC.
– Strong resistance at $45,000.
Markus Thielen points out that the high trading volume of Bitcoin ETFs indicates that Bitcoin will become a key pillar of traditional financial products. However, this also means that options and derivative products may be introduced, potentially further affecting price volatility.
Due to the resistance at $45,000, Markus Thielen has remained cautious about Bitcoin. However, he believes this aligns with his expectation that Bitcoin will perform well after the halving and the presidential election.
He also notes that during halving years such as 2012, 2016, and 2020, Bitcoin experienced an average increase of 17% followed by a gradual decline until March. Markus Thielen reiterates his previous argument that Bitcoin will fall to $38,000.
However, the overall average annual increase during halving years is approximately 192%, leading Markus Thielen to remain bullish on Bitcoin’s performance in 2024.
In another report by 10x Research, Markus Thielen suggests buying ETH instead of BTC, as they previously recommended on December 29. Since then, ETH has risen by +13%, while BTC has only risen by +3%. He believes that ETH will soon reach the $3,000 level due to the rapid increase in open interest contracts and the fact that the daily RSI has not yet reached the overbought zone.
Overall, Markus Thielen maintains his argument for Bitcoin at $38,000 and Ethereum at $3,000.
(Note: The article mentions various images, but the specific content of these images is not provided.)
