Analyst Predicts Bitcoin Price Action Will Be ‘Astonishing’ This Week
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According to Markus Thielen, head of research at 10x, Bitcoin (BTC) is expected to reach an all-time high before the week ends.
Thielen mentioned in a note titled “Everybody Will Be Astonished by Bitcoin’s Price Action This Week” that despite attempts to liquidate leveraged long positions, there are no sellers during the weekend.
On Monday, the cryptocurrency hit an all-time high in euro terms and was trading just above $67,000, showing a 6% increase over the past 24 hours. It is less than 3% away from its all-time USD high of $69,000 reached in November 2021. The CoinDesk 20 Index (CD20) was up by 5.5%.
Thielen also pointed out a significant decline of 63,000 bitcoins held on exchanges in the last 30 days. He highlighted that Coinbase’s balance dropped from 400,000 to 372,000 in just one month.
Thielen mentioned that BlackRock recently launched a spot ETF in Brazil and Korea has seen a surge in volumes to $8 billion per day for five consecutive days. He emphasized that movements into BlackRock’s product are expected to increase this week as investors feel more confident with the rising price.
Thielen predicted that if Grayscale’s outflows drop below $100m and inflows into BlackRock’s product continue, Bitcoin will experience a significant upward movement.
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