Bitcoin Price Could Top $50,000 Says Markus Thielen: Here’s the How and Why Behind the Rally?

Bitcoin could soon cross a price level of $50k.
Bitcoin Price Could Top $50,000 Says Markus Thielen: Here’s the How and Why Behind the Rally?
  • Bitcoin could soon cross a price level of $50k.
  • Report by 10x Research.
  • GBTC and FTX selloff seems to come to end.
  • Technical indicators confirm upcoming move.

Well known crypto analyst and researcher Markus Thielen who recently predicted the $38k Bitcoin bottom a few days ago, now predicts that Bitcoin could soon cross $50,000. If achieved, the price could take its price to a two year high.

Bitcoin's demand is also expected to surge as a result of the halving event which could probably happen in April 2024. The event would reduce the number of newly mined coins(miner rewards) by half.

Report by 10x Research

Bitcoin crossing $50,000 gives more psychological satisfaction than anything else. The resistance at $50,000 is more of a psychological resistance than technical. BTC had last achieved this price in January 2022.

Thielen's analysis seems to have been based on the Elliott wave theory which proposes that price movements take place in multiple waves such as three and five wave patterns where each wave represents a pair of high and low price levels.

We have accessed Thielen's report to understand their interpretation of Bitcoin's Elliott Wave pattern. In the chart below (from the report), we can clearly see that Bitcoin completed 3rd Elliott Wave in second week of January and 4th wave in last week of January 2024. Despite the price breaking below the bullish channel pattern, it soon shred its bearishness.

At the time of press, BTC traded around the price of $43,400.

Bitcoin in the Elliott Wave Indicator, Site:
Bitcoin in the Elliott Wave Indicator, Site:

The fourth wave restored the price momentum and this would help BTC achieve $50,000 price level.

Thielen also highlighted earlier that the last price drop in BTC which took place after the Bitcoin ETF was approved was more of a result of a sell-off by the Grayscale Bitcoin Trust which itself was a result of FTX selling more than $1 billion worth of BTC.

Also, it was noted that the outflows from Grayscale's Bitcoin ETF has finally slowed down(to $5 billion) and now at levels that were lower than the total inflow in other ETFs combined($.58 billion). Overall, this creates a net positive inflows into all the ETFs.

BTC Inflow and Outflow Data from ETFs
BTC Inflow and Outflow Data from ETFs

Impact of Bitcoin's Halving

The upcoming rally in the prices of Bitcoin is most probably as a result of the halving and also due to whale accumulation. The halving event reduces the total supply of new coins by half. This new coins were issued to miners for their contribution in verifying transactions and adding blocks to the Bitcoin blockchain.

BTC Halving Date and Returns
BTC Halving Date and Returns

It can be seen in the graph above that with each halving, Bitcoin gives a phenomenal return within 1 year of the halving. The same is also expected from the upcoming halving in April 2024.

BTC Price Analysis

Technical charts show that the price has been stuck between two ranges starting from $41,185 to $44,778 since Dec 04, 2023. However, it seems that the price might soon cross the upper side of the range which is also a level of resistance.

Bitcoin Price Chart | 1D Chart
Bitcoin Price Chart | 1D Chart

If the price crosses the levels of $44,800 with a decisive move, it might soon cross $50,000 as noted in the report by 10xResearch.

Technical indicators such as the Relative Strength Index are already in favour of the up move. At the press time, RSI was at 58 which is near the level after which (after RSI>60) a big price move typically starts.

However, it is well advised that a stoploss be placed on any trade at $41,150, just below the support level. Breakdown below this might take BTC to a price of $32,000.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Related Stories

No stories found.
Voice Of Crypto