BTC broke through 47,000 USDT, with a 24-hour increase of 3.32%. Trends: 1. U.S. Senator Cynthia Lummis said: Bitcoin has monetary elements that are “better than legal tender” and it will “ultimately become a means of exchange.” 2. Recently, as the price of Bitcoin has returned to around $46,000, the supply of Bitcoin on exchanges has dropped to its lowest level in six years. 3. According to unfolded data, the U.S. Bitcoin spot ETF trading volume accounts for 10-15% of the total Bitcoin spot trading volume on global centralized exchanges, and only accounts for 3% of Bitcoin circulation (or approximately 650,000 Bitcoins). Technical aspect: The current trend of Bitcoin is in an upward trend. From the K line, the 4H trend continues to rise. The daily trend is also relatively strong. The weekly trend has begun to slow down. In the short term, this trend will continue. On the uptrend, the next level should see $48,000.
Markus Thielen, director of research at Matrixport and founder of 10X Research, pointed out that historical data reveals a striking pattern: Bitcoin (BTC) often experiences significant gains during the Lunar New Year. Over the past nine years, the world's largest cryptocurrency has gained an average of 11% around Lunar New Year celebrations.
Thielen emphasized that this strong historical performance bodes well for Bitcoin reaching $48,000 in the short term. He elaborated on this view in a note on Thursday, noting that “the next few days are statistically crucial as Bitcoin tends to rally +11% around the Lunar New Year, starting on February 10 (Saturday) starts." He added that over the past nine years, traders have bought Bitcoin three days before the Lunar New Year and sold ten days after the start of the new year, a strategy that has typically led to substantial gains. .On Thursday, Bitcoin’s market capitalization successfully surpassed the $45,000 mark, clearing the key resistance level of approximately $44,000. This resistance level has capped Bitcoin’s price since the spot ETF began trading in the United States about four weeks ago. Thielen described the breakout as “very significant” and marked the end of a correction that saw Bitcoin fall to $38,500 in late January. He further said: "This opens the door to our short-term target of $48,000."Looking ahead, Thielen used the Elliott Wave Theory to predict the further trend of Bitcoin. According to this theory, price trends are divided into five stages, of which waves 1, 3, and 5 are "impulsive waves" of the main trend, while waves 2 and 4 are callback waves. Thielen believes that Bitcoin has completed the 4th wave retracement by correcting to $38,500 and is currently entering the final stage of the upward trend - wave 5, with the goal of reaching $52,000 in mid-March.Additionally, Thielen said the overall bull market could continue into 2025 and peak between April and September of that year. In an earlier report, he set a price target of $70,000 by the end of the year, driven by a favorable macro environment, currency tailwinds, the U.S. election cycle and increasing demand for cryptocurrencies from traditional financial investors. Increasing.
Summary: Bitcoin’s daily increase is also within the market expectations. The first two articles also mentioned the general market trend. The general market trend in the near future is still mainly bullish, and the mainstream coins as a whole are also mainly linked to each other. There will be a wave of rise in the near future. Market, let’s take a look at some news data next.
Currently, the U.S. Bitcoin spot ETF trading volume accounts for 10-15% of the total Bitcoin spot trading volume on global centralized exchanges, and only accounts for 3% of Bitcoin circulation (or approximately 650,000 Bitcoins).
The total market value of cryptocurrencies during the day has returned to above US$1.8 trillion, currently at US$1,832,691,929,141, with a 24-hour increase of 2.5%. BTC has a market share of 48.36%, and ETH has a market share of 16.15%. Currently, the market is still dominated by Bitcoin. .
Bitcoin is set to rise to $48,000 in the short term, driven by a strong recent rally during the Chinese New Year period. Judging from past data, Bitcoin tends to rise by 8-15% around the Lunar New Year. Over the past nine years, Bitcoin has risen every time traders buy Bitcoin 3 days before the start of the Lunar New Year and sell Bitcoin 10 days after the start of the Lunar New Year. This breakout is “very important” as it marks the end of the correction period that saw BTC fall to $38,500 in late January, opening the door to a short-term target of $48,000.
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