10x Research: Bitcoin may enter another 8-month oscillation period, and the market lacks the momentum to "buy on dips"

Odaily News Markus Thielen, head of research at 10x Research, said that Bitcoin may repeat its 2024 trend and enter a long period of consolidation after setting a record high. He pointed out that the current technical chart of Bitcoin presents a "tight high flag" pattern, which is generally considered a bullish continuation pattern, but the current structure shows certain signs of weakness, indicating that the market is in an uncertain state rather than a simple bullish consolidation.
In addition, Thielen observed that the US spot Bitcoin ETF market did not show obvious "buy on dips" sentiment and lacked new capital inflow momentum. He believes that most ETF funds come mainly from arbitrage-driven hedge funds, and the continued low funding rate has reduced investors' willingness to add funds in the recent correction. According to Farside data, since Bitcoin fell below $90,000 in early March, the US Bitcoin spot ETF has accumulated outflows of about $1.66 billion.
Bitcoin is currently trading at $84,290, down 23% from its all-time high of $109,000 in January. Thielen believes it is unclear whether Bitcoin can resume its upward trend in the short term, and recommends that investors temporarily close their short positions at this stage, but there is still a lack of clear signals to support a strong rebound.
Meanwhile, BitMEX co-founder Arthur Hayes predicted on March 10 that Bitcoin could fall back to $78,000. If it falls below this support, $75,000 will become the next key position. Nexo research analyst Iliya Kalchev believes that Bitcoin may form a more sustainable rebound basis in the low $70,000 area. (Cointelegraph)