10X Research founder Markus Thielen pointed out that when Bitcoin’s RSI broke through 80 in the past 14 times, the average increase in the following 60 days reached 54%. This means that Bitcoin could rebound to $74,600.
10X Research’s target price has changed from the end of the year to before the halving:
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10X Research: $44,000 is the pressure zone for Bitcoin. The first quarter target is $50,000, and it will reach $70,000 by the end of the year.
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Bitcoin’s average increase of 30% in the two months before halving
RSI signal: Bitcoin will reach $74,600
Market structure changes, crypto bulls become bolder
Bitcoin’s average increase of 30% in the two months before halving
According to CoinDesk, despite Bitcoin’s hesitation at the $50,000 level, research firm 10X Research remains bullish on Bitcoin.
Bitcoin usually hits bottom 12-16 months before halving (expected on April 19), and starts to rise within a year before and after halving. Markus Thielen, founder of 10X Research, pointed out that Bitcoin’s average increase in the 60 days before halving is 32%. Based on the current market price of about $52,000, this means that it will hit a historical high of $69,000 two months later.
Markus Thielen said:
As with the trends of the past three halving cycles, the closer we get to the halving of Bitcoin, the greater the possibility of Bitcoin’s rise. This time will be no different because the crypto community generally sees halving as bullish, which undoubtedly influences traditional financial professionals, who are actively buying Bitcoin ETFs before halving.
BTC/USDT daily chart| Source: OKX
RSI signal: Bitcoin will reach $74,600
10X Research further cited the RSI indicator (Relative Strength Index) and pointed out that Bitcoin’s 14-day RSI broke through 80 for the first time since December a week ago.
According to 10X Research data, out of the past 14 occurrences of this signal, 12 times had a sharp rise, and the average increase in Bitcoin in the following 60 days reached 54%.
Markus Thielen stated:
When this signal was triggered, the price of Bitcoin was $48,294. If we refer to historical data (average increase of 54% in 60 days), then Bitcoin could rebound to $74,600.
RSI breaking through 80 almost only occurs in bull markets
Market structure changes, crypto bulls become bolder
Markus Thielen also mentioned in a personal article that large-scale liquidations often occur during the Asian Sunday time from 06:00 am to 07:00 am.
However, with FTX and Binance canceling 125x leverage trading and the changing market structure of investors, Markus Thielen believes that it is now more difficult to eliminate high-leverage bulls.
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FTX cancels high leverage, maximum of 20x, Founder SBF: We will lead the industry by taking the first step.
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10x research
Markus Thielen
Bitcoin
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