"With reversal indicators suggesting that a tradeable low is in, we should focus on longs. From a risk management perspective, we should re-engage in long positions once bitcoin breaks above $43,000," 10x Research's Founder Markus Thielen said.
According to Thielen, bitcoin has been in a five-wave bullish pattern since early last year, with the recent pullback from roughly $49,000 to $38,500 constituting wave 4 or the temporary retracement. Now, wave 5 has begun and could take prices above $50,000.
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