Markus Thielen, head of crypto research at 10x Research, has raised the possibility that Bitcoin might revisit a similar pattern to its 2024 performance, where it consolidated after reaching an all-time high earlier in the year.
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Bitcoin’s March 2024 peak at around $73,700 was followed by a period of consolidation, where its price fluctuated within a narrower range before shifting again due to external factors like political events.
In his March 15 market update, Thielen noted that Bitcoin’s current chart formation suggests market uncertainty. While the “High and Tight Flag” pattern is typically seen as a sign of bullish continuation, its structure, featuring two flags instead of one, weakens its potential.
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This setup points to indecision in the market, with Bitcoin’s future direction remaining unclear.
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Another point Thielen made is the lack of significant interest in Bitcoin from the spot ETF market, particularly after Bitcoin’s recent decline.
He pointed out that most ETF investments are driven by hedge funds engaging in arbitrage, with little incentive to invest additional capital despite Bitcoin’s price drop. In fact, since March, Bitcoin ETFs have seen outflows totaling around $1.66 billion, reflecting a hesitant investor base.
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Alexander Stefanov
