Matrixport analyst Markus Thielen, who previously caused controversy for rapidly changing his bullish and bearish views, has once again released a report. He still maintains his argument that Bitcoin will reach $38,000 and Ethereum will reach $3,000.
In his latest report, Markus Thielen first pointed out several signs of Bitcoin weakness:
– Slower growth compared to last year: Bitcoin saw a 155% increase in value last year, nearly 40% in January, but only 3% so far this year.
– Weak Bitcoin inflow: Despite the influx of funds due to ETFs, it is offset by the selling pressure from GBTC.
– Strong resistance level at $45,000.
Markus Thielen stated that the high trading volume of Bitcoin ETFs indicates that Bitcoin will become a key pillar of traditional financial products. However, this also means that options and derivative products will be introduced, which may further impact price volatility.
Due to the resistance level at $45,000, Markus Thielen has maintained a cautious attitude towards Bitcoin. However, he believes this aligns with his expectation that Bitcoin will perform well after the halving and the presidential election.
He also mentioned the phenomenon of Bitcoin’s average 17% increase during halving years such as 2012, 2016, and 2020, followed by a gradual decline until March. Markus Thielen emphasized his previous argument that Bitcoin will fall to $38,000.
However, the average annual increase of Bitcoin during halving years is approximately 192%. Overall, Markus Thielen remains bullish on Bitcoin’s performance in 2024.
In another report from 10x Research, Markus Thielen stated that they recommended buying ETH instead of BTC as early as December 29. Since then, ETH has risen by +13% while BTC has only risen by +3%. He believes ETH will soon reach the $3,000 level because the open interest contracts for ETH are rapidly increasing, and the daily RSI has not reached the overbought zone.