10x Research: Bitcoin’s Intense Surge to Commence within Days, Reaching 52,000 by Mid-March
10x Research indicates that despite the significant attention on the Bitcoin halving event set for April 22nd, there is an imminent catalyst that will cause a surge in Bitcoin price in a matter of days rather than weeks. Contrary to popular belief, this sudden surge is not related to the anticipated halving event, but rather to a major yet undisclosed event that promises to shake the foundations of the market.
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Breakthrough Point: 43,839
Consolidation and Correction: Prelude to the Rise
Irresistible Trigger Event
Increase in Perpetual Futures Opening Volume
Lunar New Year Presents a Good Opportunity
Bullish Bitcoin Predictions
10x Research states that Bitcoin is on the verge of a significant move and has recently managed to escape the downward trend. The notable magic number to watch is $43,839. If Bitcoin manages to break through this threshold, a rapid rise to $48,000 is very likely.
10x Research suggests that after a consolidation period last month, Bitcoin nearly reached the predicted correction target of $38,000, dropping to a low of $38,500. This prediction was set when the Bitcoin trading price was $44,300, highlighting its analytical ability in predicting market trends.
10x Research indicates that the price movement of Bitcoin is not random, but rather driven by significant events or policy decisions. With a major event on the horizon, it is expected that Bitcoin will surpass the $45,000 mark in the next few days, sparking a new wave of optimism in the cryptocurrency field.
10x Research suggests that the increase in opening volume of Bitcoin perpetual futures indicates strengthened investor confidence. From $700 million in September, open interest surged to $1.2 billion in early January. Despite a slight decline, interest has rebounded to $1.12 billion, indicating a solid foundation around $43,000.
The arrival of the Lunar New Year historically signifies a bullish phase for Bitcoin. Buying three days before the festival and selling ten days after has resulted in an average return rate of +11%. This pattern has remained consistent over the past nine years, implying potential price increases for Bitcoin and enhancing optimism surrounding cryptocurrencies.
(10X Research: The Winning Secret of Bitcoin during Chinese New Year, with a success rate of 90% and a return rate of up to 10%)
10x Research states that with all three reversal indicators showing green, they maintain a bullish outlook on Bitcoin. A promising entry point will be established when the Bitcoin trading price reaches $40,100, with a projected target of climbing to $52,000 in mid to late March. This prediction is based on our Elliott Wave analysis. Once the $43,839 threshold is broken, this prediction will be further confirmed, marking the potential start of a profitable upward trend towards $48,000 or even higher.
10x research
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Further reading:
Key Events in the Crypto Industry in 2024: How will the Bitcoin halving change the state of the cryptocurrency industry?
MicroStrategy Increases Bitcoin Holdings Again, Owning 190,000 BTC with Unrealized Profits of up to $2.26 billion.
