According to 10X Research CEO Markus Thielen, Bitcoin (BTC) might reach new record heights this week. On March 4, he suggested in a new report that many new investments from retail investors and institutions are based on fixed dollar amounts. Given their insensitivity to currency prices and the common belief that the halving event positively impacts Bitcoin, Thielen predicts a potential new all-time high for the cryptocurrency.
He further explained that weekend price action is crucial to observe. As buyers attempt to establish liquid, leveraged long positions without corresponding sellers, prices only have the potential to rise, indicating a forthcoming historical peak.
Widely circulated in the community, the market analysis report by Thielen, a Matrixport analyst and researcher at 10X Research, has a reputable record for accurate Bitcoin price trend predictions. He recently released a report in January asserting that the Bitcoin spot ETF might not be approved. Following the report, Bitcoin experienced a drop of more than 10%, sparking heated discussion in the market.
In a recent exclusive interview, Thielen boldly proclaimed that Bitcoin could rise to $125,000 during this bull market. His credible projections, coupled with the fact that Bitcoin, with a market value of $1 trillion, can rise by 50% within a month, are drawing considerable attention in the financial community.
Thielen was the former head of quantitative and derivatives strategy at Morgan Stanley. His professional journey has led him to serve as a portfolio manager for significant banks and hedge funds and to establish his own hedge fund in Hong Kong. His experience as the Chief Investment Officer for a crypto asset management company eventually led him to Matrixport.
Thielen's methodology is grounded in rigorous quantitative analysis, macro analysis, and liquidity analysis. His predictions lean on his comprehension of the evolution of previous bull markets, and the consistency of Bitcoin’s performance over past US Presidential elections and halving cycles.
Thielen also points out that the introduction of Bitcoin ETFs signals the institutionalization of Bitcoin, marking it as a safe haven for investors. It has shown to react more dramatically to changes in U.S. interest rates and political conflict, making it a more attractive macro asset than gold.
He stresses that while ETF represents institutional interest, the sizeable shift of allocations from gold to digital gold is a significant factor too. With the bull market projected to last until February or September next year, this suggests exciting times ahead for Bitcoin.
