Looking further ahead, Thielen forecasted further upside for bitcoin based on Elliott Wave theory, a technical analysis that assumes that prices move in repetitive wave patterns. Price trends develop in five stages, according to the theory, of which waves 1, 3, and 5 are “impulse waves” representing the main trend. Waves 2 and 4 are retracements between the impulsive price action. BTC completed its wave 4 retracement by correcting to $38,500, according to Thielen, and has now entered its last, fifth impulsive stage of this uptrend targeting $52,000 by mid-March.
Source: https://www.coindesk.com/markets/2024/02/08/bitcoin-could-hit-48k-in-days-propelled-by-historic-chinese-new-year-gains-10x-research/?utm_medium=referral&utm_source=rss&utm_campaign=headlines