Bitcoin fluctuated around the $42,000 mark during the European morning as analysts set $43,000 as a key indicator for a surge above $50,000. Founder of 10x Research Markus Thielen, who predicted BTC’s drop to $38,000, wrote that traders “should re-engage in long positions once bitcoin breaks above $43,000,” in a note to clients. Bitcoin has been in a five-wave bullish pattern since early 2023, with the recent pullback constituting wave 4, he said. Wave 5 has now begun and could take prices up $50,000. The bullish outlook is consistent with the decline in selling pressure from investors taking profits from the Grayscale Bitcoin Trust (GBTC) crypto investment vehicle. The profit-taking was partially responsible for bitcoin falling into the wave 4 correction after the launch of U.S.-based spot ETFs on Jan. 11.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://www.coindesk.com/markets/2024/01/29/first-mover-americas-bitcoin-consolidates-at-42k/?utm_medium=referral&utm_source=rss&utm_campaign=headlines