Bitcoin is predicted to grow significantly by the end of March

Біллі Маркус" href="https://noworries.news/biography/billi-markus/" data-bio-id="3704">Marcus Thielen, head of 10x Research, shared his views on the state of affairs in the cryptocurrency market. Earlier, the specialist correctly predicted that bitcoin would fall to $ 38,000.

The expert emphasized that large buyers have become more active, which allowed the market flagship to partially regain its position. There is a good chance that BTC $60,556.40 Bitcoin -3.29% Market capitalization $1.19 trillion VOL. 24 hours $1.47 billion will continue its upward trend and reach the $ 43,000 area in the near future, Thielen emphasized.

The expert’s views are based on the Elliot theory. It implies that quotes move in waves rather than simple patterns. According to the head of 10x Research, the market is currently completing the fourth wave, after which a sharp impulse should occur. As for the expert’s medium-term views, he expects BTC quotes to rise to $ 53,000 by the end of the first quarter of this year.

Meanwhile, the pressure of sellers in the cryptocurrency market is weakening. Marcus Thielen noted: «A potential catalyst for bitcoin’s growth could be the fact that the dynamics of the outflow of investment funds from the Grayscale Bitcoin Trust is slowing down. Google also allowed advertising of the flagship crypto asset and spot BTC-ETFs. This may also provide additional support for bitcoin.»

As a reminder, Glassnode co-founder Negentropic believes that the bullish momentum could lead to the liquidation of $ 1 billion worth of short positions, potentially pushing the market up. The scenario could trigger a «short squeeze,» which occurs when the price of an asset rises sharply as a large number of sellers are forced to exit their positions.