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🚀 Bitcoin's Spectacular 27% Rally Raises Caution Flags: Here's Why

Institutional Crypto Research Written by Experts

Author

10x Research
February 23, 2024

👇1-10) Four weeks ago, on Friday, January 26, we turned tactically bullish. In the post-ETF launch period, Bitcoin had declined from 47,500 to 38,500 – marginally missing our 38,000 target. This was quite a controversial call, but it turned out correctly.

👇2-10) Our Elliot-Wave analysis on that Friday confirmed that wave (4) was completed at 38,500 when Bitcoin reversed back to 40,100, and 10x Research projected a solid rally to 52,671. The magnitude of this rally also surprised many traders; two explanations were ETF buying and the Chinese New Year, which always saw Bitcoin prices rallying.

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