YEREVAN (CoinChapter.com) — Markus Thielen, head of research at Matrixport and founder of 10x Research, predicts that Bitcoin could surge to $48,000 soon. His prediction follows a breakout spurred by its historical pattern of gains around the Chinese New Year.
Thielen highlighted in a recent report that the period surrounding the Chinese New Year is statistically significant for Bitcoin. On average, the token, according to him, has put up a rally of 11%.
As per his analysis, Bitcoin has consistently gained value for the past nine years, when bought three days before and sold ten days after the Chinese New Year, which starts on Feb. 10.
BTC could surge further ahead of Chinese New Year
With only a day to go before the Chinese New Year, BTC’s price is back above $45,000 while writing. The world’s largest crypto by market cap rallied to reach a two-year high of around $47,000 last month. However, it slowly lost steam, slipping under $39,000 by Jan. 23.
Since then, while it has recovered, the $45,000 level has remained unattainable thanks to stiff resistance levels.
Given the slow performance of BTC, Thielen believes the latest surge is significant as it ended a correction phase. From here, Bitcoin could surge further above its recent high.
“Bitcoin could be making an immediate big move, as the break of the downtrend indicates – the main barrier being the trend line at 43,839. If Bitcoin trades above it, we could quickly move to 48,000,”
he said in an earlier post.
In the long term, Thielen sees even more potential for Bitcoin’s price. According to him, having completed its fourth correction wave above, BTC is now embarking on the fifth wave.
This projection, ahead of the Chinese New Year, could result in Bitcoin registering a price of $52,000 by mid-March.
With the upcoming Bitcoin halving event less than 90 days away, anticipation and speculation are at an all-time high. Halving events, which cut the reward for mining new blocks in half, generally come as pivotal moments that significantly influence Bitcoin’s price dynamics.
In a recent post on social media platform X (formerly Twitter), crypto analyst Kevin Sven predicted that the BTC price could reach the $60,000 mark ahead of the Bitcoin halving event. However, he sees it falling back to the $45,000 mark later, only to rally to the all-time-high level of $68,000.
