Markus Thielen, representative of 10x Research, believes that the Bitcoin (BTC) upward trend will continue, but market participants still have a low investment proportion in Bitcoin.
In an interview with Cointelegraph on July 3rd, Thielen said, "Although position adjustments were actively made after last month's option contract expiration, most investors are unprepared for Bitcoin's rise. We still maintain a positive perspective and believe Bitcoin could reach $133,000 (approximately 184.87 million won) in September."
According to a market report released on the same day, call option buying has been strongly flowing into the derivatives market recently. Thielen interpreted this as a signal that "investors are not sufficiently exposed to the rising market amid concerns about missing additional Bitcoin gains".
Bitcoin's technical trend has also turned positive. Thielen noted, "10x Research's trend model switched to a bullish signal on June 29th" and predicted that "the recent breakthrough movement could continue until September". He further explained that based on past cases, such a strong short-term breakthrough signal has a 60% probability of rising about 20% in the next two months.
Currently, Bitcoin is trading at its all-time high of $112,000 (approximately 155.68 million won), and with an additional 20% increase, it would approach the $133,000 level Thielen suggested. According to CoinMarketCap, Bitcoin is currently trading around $111,000 (approximately 154.29 million won).
In summary, both options market positioning and technical indicator analysis support the possibility of Bitcoin's continued upward trend, and Thielen advises investors to adjust their portfolios reflecting this sentiment.
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