The cryptocurrency researcher of 10x Research does not exclude Bitcoin repeating his 2024 price action, where he spent the majority of the year consolidating himself after reaching a summit of all time from the start.
“Very possible,” said Markus Thielen at Cointelegraph when he was asked what chances of Bitcoin (BTC) repeating a market movement similar to 2024. In March 2024, Bitcoin reached a summit of $ 73,679 before entering a consolidation phase, swinging in a range of around $ 20,000 until Donald Trump is elected in November.
Bitcoin’s current graph notes “market indecision”
Thielen said he had this thought even two months ago, when Bitcoin reached his top $ 109,000 summit on the day of Trump’s inauguration.
He explained in his latest report on the market on March 15 that the current Bitcoin graphic resembles a “high and tight flag”, which, although it is generally a bullish continuation model, shows signs of weakness.
The Bitcoin price table forms a high and tight flag model. Source: 10x research
“Two flags instead of a single specific training weakens this configuration,” said Thielen.
“Consequently, the model currently suggests market indecision rather than a simple optimistic consolidation,” he added.
Meanwhile, he also pointed out that the Spot Bitcoin Exchange Traded Fund (ETF) market shows no sign of a mentality of “Buy-the-Dip”.
“Little incitement” to take advantage of the recent drop in bitcoin prices
“This aligns with our point of view that most of the ETF flows come from hedge funds focused on arbitration. Given the constantly low financing rates, there is little incentive or desire to deploy additional capital despite the recent price correction, “said Thielen.
Since the beginning of March, when Bitcoin fell below $ 90,000, the Bitcoin Spot ETF in the United States have recorded total outings of around $ 1.66 billion, according to Farside data.
Bitcoin is negotiated at $ 84,290 at the time of publication, according to CoinmarketCap. This represents a drop of 23% compared to its summit of $ 109,000 in January.
Bitcoin was down 12.86% in the last month. Source: Coinmarketcap
Thielen is not sure if the trend of the Bitcoin rise will resume in the short term. “Consequently, it may be prudent to close short positions at this stage, although there is little evidence in support of a high price recovery,” said Thielen.
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Since Bitcoin fell below $ 80,000 on February 28 – the first time since November – in the midst of growing macroeconomic uncertainty on the prices proposed by American President Donald Trump, several cryptographic analysts have predicted a new fall in the asset.
On March 10, the co-founder of Bitmex and the director of investments at Maelstrom, Arthur Hayes, said: “It seems that Bitcoin withdraws $ 78,000.” “If he fails, $ 75,000 is the next in the reticle,” he added.
Meanwhile, Iliya Kalchev, Dispatch analyst at Digital Asset Investment Platform Nexo, told Cintelegraph on March 11 that the range of $ 70,000 low could “provide a basis for a more sustainable recovery”.
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