Bitcoin Aims for $48,000 on Historical Chinese New Year Rally, Says 10X Research

Markus Thielen, Head of Research at Matrixport and founder of 10X Research, predicts that Bitcoin (BTC) is on track to hit $48,000 in the short term, fueled by its consistent historical performance during the Chinese New Year festivities. Thielen anticipates a potential surge to $52,000 by mid-March, with the overall bull market peaking between April and September 2025.

Highlighting the statistical significance of the next few days, Thielen notes that Bitcoin has demonstrated an average rally of 11% around the Chinese New Year for the past nine years. The pattern involves buying Bitcoin three days before the celebration and selling it ten days afterward.

Bitcoin recently surpassed the $45,000 mark, following a breakout that Thielen deems crucial, marking the end of a corrective period that saw BTC dip to $38,500 in late January. He sees this breakout as a key factor propelling Bitcoin toward its shorter-term target of $48,000.

Looking ahead, Thielen employs Elliott Wave theory, a technical analysis method suggesting that prices move in repetitive wave patterns. According to this theory, Bitcoin has completed its wave 4 retracement by correcting to $38,500 and has now entered the fifth impulsive stage of the uptrend. The forecast points to a target of $52,000 by mid-March.

Thielen maintains a positive outlook for the overall bull market, projecting it to extend well into the next year and potentially peak between April and September 2025. In a previous report, he set a year-end target of $70,000 for Bitcoin, citing supportive macroeconomic conditions, monetary tailwinds, the U.S. election cycle, and increasing demand from traditional finance investors as contributing factors.