Jan 29, 2024

10x Research’s founder Markus Thielen, who correctly predicted bitcoin’s [BTC] recent drop to $38,000, is now seeing levels above $43,000 appropriate for taking fresh bullish bets on the cryptocurrency.

Video transcript

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 80 million users worldwide. Let's take a look at the chart of the day. The analyst who predicted Bitcoin's recent slump to $38,000 now thinks levels above 43,000 are appropriate for taking fresh bullish bets on the largest Cryptocurrency by market cap 10 X research founder Marcus Thin said in a note to clients quote with reversal indicators suggesting that a tradable low is in, we should focus on logs from a risk management perspective. We should re engage in long positions once Bitcoin breaks above $43,000 and quote. Teen's bullish view is based on the Elliott wave theory which assumes that prices move in waves rather than simple patterns and future movements can be predicted by observing the repetitive wave pattern. Because of this teen predicts Bitcoin could see prices top $50,000 by the end of the first quarter. That's a wrap for the chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories

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