10X Research quotes historical trends and emphasizes that even after reaching new highs, Bitcoin may experience a pullback, but the prices are expected to continue to rise 10 and 20 days later. Whether it can maintain the level of $68,300 will be crucial.
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Cryptocurrency market sees a general decline
The predictable trajectory after Bitcoin reaches new highs
Consolidation period is only temporary
Cryptocurrency market sees a general decline
The cryptocurrency market experienced a general decline on March 15th, with the top 10 currencies showing a 5% to 6% decrease in the past 24 hours, including BTC (-5.79%), ETH (-6.15%), and BNB (-5.4%).
However, 10X Research, which previously emphasized that the bull market is far from over, remained optimistic on March 13th. How does analyst Markus Thielen view the future market?
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Markus Thielen: Bitcoin bull market only halfway through, target of $125K
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Top 10 cryptocurrencies
The predictable trajectory after Bitcoin reaches new highs
Experienced traders may expect consolidation or pullbacks after Bitcoin reaches new highs, and it seems wise to take profits and lock in gains after the price of Bitcoin increased from $40,000 to $70,000 (+70%).
However, 10X Research believes that as long as Bitcoin maintains a level above $68,300, the possibility of further increases remains high.
In particular, as long as Bitcoin ETFs continue to see net inflows, traders will buy on dips.
When Bitcoin reached new highs in February 2013, February 2017, and November 2020, the price trends were as follows:
+6% increase after 10 days
+19% increase after 20 days
+54% increase after 30 days
+130% increase after 60 days
+181% increase after 90 days
+189% increase after 180 days
Bitcoin’s performance 90 days after reaching new highs
Consolidation period is only temporary
10X Research points out that although the returns of each bull market cycle may decrease, according to historical trends, as long as Bitcoin reaches new highs, the price should continue to rise.
Although there may be consolidation periods of 10 or 20 days, the price will be higher after 30 and 60 days. They predict that Bitcoin will reach the following target prices:
Early April: $77,000
May: $99,000
Long-term target: $125,000
Despite the astronomical figure of $146,000 for Bitcoin within 90 days based on historical data, 10X Research still maintains a target price of $125,000 and believes that the bull market will continue until 2025.
Analyst Markus Thielen advises:
Although pullbacks can occur at any time, traders can use the breakthrough level ($68,300) as a bottom line. At this level, we can expect substantial increases in Bitcoin in the coming weeks and months.
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ETH
Further reading
Bloomberg Analyst: Probability of Ethereum Spot ETF approval in May reduced to 30%
Bitcoin reaches new highs, ETF surpasses $55 billion in assets, top 10 cryptocurrencies follow suit.