As a researcher with a background in cryptocurrency analysis and having closely followed the predictions of Markus Thielen, I find his latest forecast on Bitcoin ETFs particularly intriguing. Having accurately predicted the Bitcoin price ATH timeline and crash below $60K, Thielen’s insights have proven valuable for many investors.
Expert analysis by Markus Thielen, known for his accurate predictions of Bitcoin‘s all-time high and price crash below $60K, has released a new forecast regarding Bitcoin ETFs. In his latest research report, Thielen, who is also the CEO of institutional crypto research firm 10x Research, announced that a significant trading signal for Bitcoin ETFs has been activated. Thielen anticipates a swift Bitcoin price increase due to substantial buying from both institutional and retail investors.
Markus Thielen Says Bitcoin ETF Signals About BTC Price Rally
Markus Thielen, the CEO of 10x Research, announced on May 18 that a fresh trading alert for Bitcoin ETFs has been activated according to their model. Previously, this signal was given on January 30, leading to substantial investment in spot Bitcoin ETFs based in the US. As a result, BlackRock’s Bitcoin ETF holdings surpassed those of Grayscale’s GBTC.
As a crypto investor, I’ve received numerous requests to manage trading signals for stocks related to cryptocurrencies, like Bitcoin miners and diversified crypto companies such as Coinbase. It’s important to note that not every trading signal will yield successful results. However, on average, they serve as valuable prompts with a 70-80% likelihood, helping me identify when a prolonged period of sideways trading might come to an end.
Last Friday, GBTC exhibited a purchase indicator, reminiscent of previous occasions marked by substantial buying. Following recent inflows into GBTC, this development has rekindled optimistic outlooks for Bitcoin’s pricing, further bolstered by decreasing U.S. CPI inflation. Notably, these trading cues for GBTC could also be relevant to newer ETFs like BlackRock’s IBIT. Institutional investors and analysts may find valuable insights from this trend regarding Bitcoin’s potential direction.
Bitcoin Price to Rally?
This week, the price of Bitcoin soared past the $67,000 mark, fueled by optimistic market sentiment. The cryptocurrency experienced a robust weekly growth of over 10%. The minimum and maximum prices in the last 24 hours were $66,289 and $67,459 respectively. Furthermore, the price surge occurred with relatively low trading volumes, implying that large investors and whales have adopted bullish stances towards Bitcoin. Additionally, there was a significant short liquidation of high-leveraged positions.
As an analyst, I’ve observed a noteworthy development in the Bitcoin futures market. Specifically, the open interest for CME Bitcoin futures has surged by approximately 5% within the last 24 hours. This significant increase suggests that a substantial number of futures traders have been actively purchasing contracts. Moreover, the total open interest for Bitcoin futures, across all platforms, experienced a more moderate rise of around 2% over the same timeframe.
One well-known cryptocurrency analyst, Rekt Capital, anticipates that a 1% decrease in Bitcoin’s price could enable a new attempt at breaking out of the Bull Flag pattern, aiming to maintain the bullish trend.
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2024-05-18 18:21