Odaily Planet Daily News: Markus Thielen, head of research at 10x Research, stated that Bitcoin may repeat the trend of 2024 and enter a prolonged period of consolidation after reaching a historic high. He pointed out that the current technical chart of Bitcoin presents a "high-level tight flag" pattern, which is usually considered a bullish continuation pattern, but the current structure shows some 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 has not shown a clear "buy on dips" sentiment and lacks new capital inflows. He believes that the majority of ETF funds come from arbitrage driven hedge funds, and the consistently low funding rates have reduced investors' willingness to add funds in the recent pullback. According to Farside data, since Bitcoin fell below $90000 in early March, US Bitcoin spot ETFs have accumulated outflows of approximately $1.66 billion.
The current trading price of Bitcoin is $84290, down 23% from the historical high of $109000 set in January. Thielen believes that it is still unclear whether Bitcoin can recover its upward trend in the short term, and suggests that investors temporarily liquidate 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 10th that Bitcoin may retrace to $78000, and if it falls below that support, $75000 will become the next key position. Iliya Kalchev, a research analyst at Nexo, believes that Bitcoin may form a more sustainable rebound foundation in the low $70000 region. （Cointelegraph）
