Bitcoin is predicted to reach $ 52,000 this month

Біллі Маркус" href="https://noworries.news/biography/billi-markus/" data-bio-id="3704">Markus Thielen, a researcher at 10x Research, has published another forecast of the flagship cryptocurrency’s value. According to the analyst, BTC $56,683.29 Bitcoin -2.72% Market capitalization $1.12 trillion VOL. 24 hours $4.55 billion has a good chance of reaching $ 52,000 in February.

Thielen recalled how in January he and his team stated: «We are no longer bearish and expect the monthly consolidation to unfold, despite the fact that we did not reach the $ 38,000 target.» The expert noted that he was right in his predictions.

The analyst emphasized that on January 29, it was announced that the downward wave was over and that new price highs were coming for BTC. The expert recalled that when bitcoin was still trading at $ 40,100, the company identified the level of $ 43,800 as critical for a price breakout. The researchers assured that after that, the price of BTC would quickly jump to $ 48,000, which is exactly what happened.

Marcus Thielen noted that «February tends to be bullish, and the analysis shows that the bitcoin rate could reach $ 52,000. According to historical data, there is a 70% chance that the BTC price will show a positive return with an average of 8%.»

The analyst also noted that the forecast for the growth of BTC quotes during the Chinese New Year celebration also turned out to be true. In addition, CryptoCompare researchers emphasized that BTC is «approaching its longest winning streak in a year, helped by the unprecedented success of new spot exchange-traded funds (ETFs) in the United States.»

In the 7 days from February 5 to February 12, bitcoin rose by almost 13%, its price rose to $ 48,300, which was the largest increase in one week since October 2023. During the same period, the CoinDesk 20 index, which tracks the largest cryptocurrency capitalizations, grew by 11%. In October last year, BTC rose from about $ 26,000 to $ 35,000 in a week, when the first cryptocurrency’s rate showed a 30% increase.