10X Research: Bitcoin’s Breakthrough Guarantees Upsurge, Correction Merely Temporary
10X Research cites historical trends, emphasizing that even after reaching a new high, Bitcoin may experience a pullback, but its price is expected to continue rising 10 and 20 days later. Whether it can maintain its level at $68,300 will be crucial.
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Cryptocurrency Market Downturn
Bitcoin’s Fixed Trajectory After Reaching New Highs
Consolidation Period is Temporary
Cryptocurrency Market Downturn
The cryptocurrency market experienced a downturn on March 15th, with the top 10 coins seeing a 5% to 6% decline in the past 24 hours, including BTC (-5.79%), ETH (-6.15%), and BNB (-5.4%).
However, as previously emphasized by the 10X Research, which believes the bull market is far from over, analyst Markus Thielen remains bullish as of March 13th. How does he view the future market?
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Markus Thielen: Exclusive Bitcoin Bull Market Only Halfway, Target $125K
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Top 10 Coins
Bitcoin’s Fixed Trajectory After Reaching New Highs
Experienced traders may expect a consolidation or pullback after Bitcoin reaches a new high. It seems wise to take profits and lock in gains after the price of Bitcoin surged from $40,000 to $70,000 (+70%).
However, 10X Research believes that as long as Bitcoin remains above the $68,300 level, the possibility of further upside is higher. Especially if Bitcoin ETFs continue to have 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% after 10 days
+19% after 20 days
+54% after 30 days
+130% after 60 days
+181% after 90 days
+189% after 180 days
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Bitcoin’s Performance 90 Days After Previous Highs
Consolidation Period is Temporary
10X Research points out that while the returns of Bitcoin may decrease in each bull market cycle, historical trends suggest that as long as Bitcoin reaches new highs, the price should continue to rise.
Although there may be periods of consolidation for 10 or 20 days, the price will be higher after 30 and 60 days. They predict the following target prices for Bitcoin:
Early April: $77,000
May: $99,000
Long-term target: $125,000
Despite historical data suggesting that Bitcoin could reach the astronomical figure of $146,000 within 90 days, 10X Research maintains a target price of $125,000 and believes the bull market will continue until 2025.
Analyst Markus Thielen advises:
Despite the possibility of a pullback at any time, traders can use the breakthrough level ($68,300) as a bottom line. At this level, we can expect substantial upward movement for Bitcoin in the coming weeks and months.
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ETH
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