10x Research founder Markus Thielen says Bitcoin could retest $111,673 support before the next bull run, advising traders to wait for a dip or a breakout above $120K for a safer entry.
Key Takeaways
Markus Thielen of 10x Research suggests waiting for Bitcoin to retest $111,673 support for a better risk-reward entry.
A pullback to May’s breakout level is typical before a larger rally, Thielen notes.
If no pullback occurs, a breakout above $120,000 would signal the next bullish leg.
Bitcoin Could Retest $111,673 Support
According to TechFlow, Markus Thielen, founder of 10x Research, believes that Bitcoin’s recent consolidation may not be the end of the rally, but rather a pause before a retest of key support.
He identified $111,673 — the May high — as a critical level likely to act as a “breakout retest zone.” Historically, Bitcoin has often pulled back to previous breakout levels before continuing its uptrend.
“Markets typically retest breakout points before larger bull runs, so a pullback to that level cannot be ruled out,” Thielen explained.
Two Scenarios for Traders
- Scenario 1: Bitcoin dips toward $111,673 — offering traders a better entry point for the next leg up.
- Scenario 2: If BTC skips the retest and breaks above $120,000, it would mark a clean breakout above the descending trendline from the July 14 and 23 highs, providing a secondary entry trigger.
What It Means for the Market
Thielen’s analysis suggests Bitcoin’s current pause is healthy market structure rather than weakness. A dip to $111,673 would allow for fresh accumulation, while a breakout above $120K would confirm renewed bullish momentum.
