According to Markus Thielen, head of research at 10x, Bitcoin (BTC) will reach an all-time high before the end of the week.
“It is always important to track price movements over the weekend, even if it was attempted [liquidate] There are no sellers due to the leveraged long positions,” Thielen said in a note titled “Everyone will be surprised by Bitcoin’s price action this week.”
The cryptocurrency hit an all-time high in euro terms on Monday, trading just above $67,000 at press time, up 6% in the last 24 hours, less than 3% below its all-time high in U.S. dollars of $69,000. Dollar, which was reached in November 2021. The broader CoinDesk 20 Index (CD20) rose 5.5%.
Among other optimistic signs, Thielen noted a significant decline of 63,000 Bitcoins held on exchanges over the past 30 days. At Coinbase alone, his balance fell from 400,000 to 372,000 in just one month.
It's not just about US ETFs either, said Thielen. BlackRock, he recalled, just launched a spot ETF in Brazil last week, and volumes in Korea have exploded to $8 billion a day for five straight days, up from less than $1 billion previously.
While outflows from Grayscale's GBTC product surged last Thursday and Friday and inflows into BlackRock's IBIT slowed, Thielen expects movement into BlackRock's product to pick up strongly again this week. “Inflows are not drying up as investors appear more confident the higher the price appears to be.”
“When grayscale flows decrease to less than [a] $100 million outflow, Bitcoin will make a big uptrend,” Thielen said.
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