Popular Analyst Reveals Bitcoin ETF Trading Alert, BTC Price Surges to $80,000?

Popular analyst Markus Thielen, who accurately predicted the timeline for BTC price ATH and crash below $60,000, has predicted another important event, this time for Bitcoin ETFs. In a new research report, he revealed that a new trading alert has been triggered for Bitcoin ETFs. Thielen, who is also CEO of institutional crypto research 10x Research, said Bitcoin price will soon rise faster due to massive buying by institutional and retail investors.

Markus Thielen says Bitcoin ETF signals BTC price rally

Markus Thielen, CEO of 10x Research, announced on May 18 that a new trading alert has been triggered for Bitcoin ETFs. The last time the model was triggered was on January 30 this year, after which spot Bitcoin ETFs in the US saw massive inflows. In fact, BlackRock ETF’s Bitcoin holdings outperformed Grayscale’s GBTC.

“Many have asked us to run our trading signals on crypto-related stocks like Bitcoin Miner and diversified crypto stocks like Coinbase. Not every trading signal will be successful, but in general they have a 70-80% chance of giving us a timely reminder of when a boring trading range might end,” he added.

GBTC issued a buy signal on Friday, similar to previous events that saw massive buying. After recording inflows this week, GBTC has sparked renewed bullish sentiment for Bitcoin price, coupled with a cooling in CPI inflation in the US. Additionally, the trading signals for GBTC should also be effective for the newer ETFs such as BlackRock’s IBIT. This could give institutional investors and analysts a clue as to where the price of Bitcoin could be heading.

Also Read: Binance Pushes for SHIB, USTC, AGIX Liquidity and Trading Boost

Is Bitcoin price recovering?

BTC price surpassed $67,000 this week amid bullish sentiment, with a weekly increase of more than 10%. The 24-hour low and high are $66,289 and $67,459, respectively. Additionally, the bounce amid low trading volumes suggests whales and large investors are bullish on Bitcoin, along with short-term liquidation of highly leveraged positions.

Open interest in CME Bitcoin futures has increased by 5% in the last 24 hours, indicating large buying by futures traders. Total open interest in BTC futures increased by 2% in the last 24 hours.

Another popular analyst, Rekt Capital, predicts that Bitcoin price only needs to fall by 1% to retest after the bull flag breakout, ensuring a continuation of the uptrend.

Also Read: BlackRock CIO hints at Fed rate hike, but there’s one positive note