Markus Thielen, the head of research at 10x, predicts that Bitcoin (BTC) will reach a new all-time high by the end of the week.
In a note titled “Everybody Will Be Astonished by Bitcoin’s Price Action This Week,” Thielen emphasized the significance of weekend price action, noting attempts to liquidate leveraged long positions but a lack of sellers.
As of Monday, the cryptocurrency achieved an all-time high in euro terms and was trading just above $67,000, marking a 6% increase over the past 24 hours. It stands less than 3% away from its all-time USD high of $69,000 reached in November 2021. The broader CoinDesk 20 Index (CD20) witnessed a 5.5% increase.
Thielen pointed out bullish signs, including a substantial decrease of 63,000 bitcoins held on exchanges in the last 30 days. He highlighted Coinbase’s balance dropping from 400,000 to 372,000 within a month.
Contrary to focusing solely on U.S. ETFs, Thielen highlighted BlackRock’s recent launch of a spot ETF in Brazil and a surge in daily volumes in Korea to $8 billion for five consecutive days, compared to less than $1 billion previously.
While Grayscale’s GBTC product experienced outflows last Thursday and Friday, and inflows into BlackRock’s IBIT slowed, Thielen expects a resurgence in movement into the BlackRock product this week. He anticipates continued flows, as investors gain confidence with the rising price.
Thielen suggests that if Grayscale’s flows drop to less than a $100 million outflow, Bitcoin will likely experience a significant upward movement.