Markus Thielen bases his predictions on the theory that asset prices move in five waves. The recent setback in Bitcoin represents a pullback, which is the fourth wave, while the upcoming fifth wave is expected to propel the price upward.
“According to Elliott Wave analysis, this recovery could push Bitcoin to $52,671 by the end of the first quarter of 2024,” stated a spokesperson from 10x Research.
Markus Thielen believes that the Bitcoin price is influenced by the overall growth of the stock market and the reduction in outflows from Grayscale, the largest Bitcoin exchange-traded fund.
“From a risk management standpoint, we should consider going long again once Bitcoin surpasses the $43,000 mark. Potential factors for an upward movement include decreased impact from Grayscale GBTC sales, record highs in company shares, and Google allowing advertisements for cryptocurrency ETFs,” explained the analyst.
However, not everyone shares such optimism for Bitcoin’s future. Analysts at Matrixport have predicted a drop in the cryptocurrency’s price to $36,000. They believe that Bitcoin may rise again, but only in favorable macroeconomic conditions with increased liquidity. These same analysts had previously projected Bitcoin to reach $125,000 by 2024 in a forecast made back in December.