Bitcoin Eyes $48,000 Amid Historic Chinese New Year Gains, 10X Research Predicts Bullish Momentum
The cryptocurrency market witnessed a dramatic overnight turn of events boosting Bitcoin to break past the $44,000 barrier. This surge injected $60 billion into the total crypto market cap, signaling a renewed bullish sentiment.
After a period of prolonged sideways movement, Bitcoin, the market’s flagship cryptocurrency, broke the $44,000 resistance level, a threshold it had struggled to overcome in the wake of ETF-induced declines in January. This upward momentum marks a notable shift for Bitcoin, which faced resistance at $43,000 for several days.
Last week, BTC attempted to breach the $44,000 mark but faced setbacks, particularly after the US Federal Reserve declared its intention to maintain its existing monetary policy, leading to a temporary dip in Bitcoin’s value. Despite these challenges, Bitcoin managed to recover ground, stabilizing around $43,000 in the following days.
The recent surge saw Bitcoin reaching $44,700, charting a monthly high and boasting a market capitalization of $875 billion. Bitcoin’s dominance over alternative cryptocurrencies on CoinMarketCap (CMC) currently stands at 51.3%.
Altcoins, which had experienced a period of relative stagnation, followed Bitcoin’s lead and turned green across the board. Ethereum (ETH) led the altcoin rally with a 2% increase, surpassing $2,400, while Binance Coin (BNB) recorded a 4% daily jump, reaching $315.
Among the larger-cap altcoins, Solana (SOL) and Cardano (ADA) exhibited impressive performances. SOL surged by 6%, crossing the $100 mark, while ADA experienced a 9% increase, trading above $0.5.
Other notable altcoins such as XRP, AVAX, DOGE, DOT, LINK, MATIC, and TON also posted gains. The collective positive momentum across lower- and mid-cap altcoins contributed to the overnight addition of $60 billion to the total crypto market cap, which now stands at $1.710 trillion on CMC.
Meanwhile, Markus Thielen, Head of Research at Matrixport and founder of 10X Research has predicted that BTC is poised to reach $48,000 in the near term, propelled by a robust historical performance during the Chinese New Year. Thielen anticipates that BTC could even hit $52,000 by mid-March, with the overall bull run peaking in 2025.
In a Thursday report, Thielen emphasized the statistical significance of the next few days, highlighting Bitcoin’s consistent rally of approximately 11% around the Chinese New Year celebration, set to commence on February 10 (Saturday). Over the past nine years, Bitcoin has consistently seen positive returns when traders bought the cryptocurrency three days before the Chinese New Year and sold it ten days after the festivities began.
The recent surge in Bitcoin’s value, surpassing $45,000 on Thursday, marked a crucial breakthrough, according to Thielen. He described this breakout as particularly significant, signaling the end of a corrective period that saw BTC decline to $38,500 in late January. Thielen stated, “This opens the door to our shorter-term target of $48,000.”
The rally gained momentum after Bitcoin successfully cleared a key resistance level around $44,000, which had been a limiting factor in prices since the commencement of spot ETF trading in the U.S. about four weeks ago.
Looking ahead, Thielen employed Elliott Wave theory, a technical analysis method based on repetitive wave patterns, to forecast further upside for Bitcoin. According to the theory, BTC has completed its fourth wave retracement by correcting to $38,500 and has now entered the fifth impulsive stage of the uptrend, aiming for $52,000 by mid-March.
The positive outlook reflects a shift from a corrective phase to a more optimistic trajectory, with Thielen’s analysis suggesting a potential continuation of bullish momentum for Bitcoin. As the market closely observes Bitcoin’s performance, investors are assessing the implications of these predictions on the broader cryptocurrency landscape.
