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.
