10x Research has stated that despite the widespread attention on the Bitcoin halving event scheduled for April 22nd, there is an immediate catalyst that is set to cause a surge in Bitcoin price within days rather than weeks. Contrary to popular belief, this sudden surge is not related to the anticipated halving event, but rather to a significant yet undisclosed event that promises to shake the foundations of the market.
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Breakthrough level: 43,839
Consolidation and correction: Prelude to the rise
Irresistible triggering event
Increase in perpetual futures open interest
Chinese New Year presents a good opportunity
Bullish Bitcoin predictions
10x Research suggests that Bitcoin is on the verge of a major move and has recently managed to escape the downtrend. The noteworthy magic number is $43,839. If Bitcoin can break this threshold, a rapid rise to $48,000 is highly likely.
10x Research states that after a period of consolidation last month, Bitcoin nearly reached the predicted correction target of $38,000, with a low of $38,500. This prediction was set when the Bitcoin trading price was at $44,300, highlighting their analytical ability in predicting market trends.
10x Research states that Bitcoin’s price movement is not random, but driven by significant events or policy decisions. With a major event on the horizon, Bitcoin is expected to surpass the $45,000 mark in the next few days, triggering a new wave of optimism in the crypto space.
10x Research states that the increase in open interest in Bitcoin perpetual futures indicates strengthened investor confidence. Open interest surged from $700 million in September to $1.2 billion in early January. Despite a slight retreat, interest has rebounded to $1.12 billion, showing a solid foundation around $43,000.
The upcoming Chinese New Year historically indicates a bullish phase for Bitcoin. Buying three days before the festival and selling ten days after has yielded an average return of +11%. This pattern has remained consistent over the past nine years, implying potential price increases for Bitcoin and enhancing optimism surrounding cryptocurrencies.
(10X Research: The Winning Secret of Bitcoin during Chinese New Year, with a 90% win rate and a return rate of up to 10%)
10x Research maintains a bullish outlook on Bitcoin, as all three reversal indicators are showing green. A promising entry point will be established when the Bitcoin trading price reaches $40,100, with a target of climbing to $52,000 in mid to late March, based on our Elliott Wave analysis. Once $43,839 is surpassed, this prediction will be further confirmed, marking the potential beginning of a profit surge towards $48,000 or even higher.
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