Matrixport analyst Markus Thielen recently changed his view on Bitcoin and set a target price of $50,000 for the end of the first quarter. Thielen previously predicted that Bitcoin would experience a pullback to the $36,000/38,000 range, and it did drop to $38,500, almost reaching their prediction. In a report titled “Don’t Miss Out,” Thielen also mentioned that Bitcoin would start to rise after three weeks of consolidation.
According to CoinDesk, Thielen referenced the well-known technical indicator Elliott Wave Theory and stated that Bitcoin has been in an upward wave pattern since early last year. The recent pullback from around $49,000 to $38,500 constitutes the fourth wave or a temporary correction, and now the fifth wave has begun. Once it breaks through $43,000, we should establish bullish positions again. Thielen identified the pullback to $38,522 as the fourth wave, and he expects the fifth wave to complete in the first quarter with a target price of $52,671.
Thielen’s past predictions have garnered attention, particularly his bold prediction on January 3 that Bitcoin spot ETFs would not be approved. His quick changes in stance have also faced criticism from the community. On January 17, he stated that he was short-term bearish on BTC and switched to bullish on ETH, but now he has changed back to bullish on BTC.
In his latest report, Thielen referenced his past predictions to emphasize his accuracy. He highlighted the following predictions: a low point in October 2022, BTC rising to $45,000 by the end of 2023, a 200% increase in Bitcoin mining companies by September 2023, and Bitcoin mining company stocks reaching their peak by December 2023. He emphasized that 10x Research’s market structure analysis, quantitative models, and intuition have repeatedly proven their advantage in the cryptocurrency market.