As Bitcoin continues to trade below its all-time high, Markus Thielen, head researcher at 10x Research, believes there’s a strong possibility that the asset could follow a pattern similar to 2024’s market behavior—a prolonged phase of consolidation after hitting record highs. During a recent interview, Thielen noted that he had anticipated this scenario even before Bitcoin touched its latest peak of $109,000 on Trump’s inauguration day. His March 15 market report outlines concerns about Bitcoin’s current “High and Tight Flag” pattern, a technical formation that is generally bullish but, in this case, shows signs of weakness due to its fragmented structure. “Instead of forming one clean flag, Bitcoin’s chart has developed two weaker patterns, which suggests market indecision rather than a strong consolidation,” he explained. Institutional Demand Weakens as ETF Flows Decline Thielen also pointed to the spot Bitcoin ETF market as a key indicator of investor sentiment. Unlike previous price dips that sparked fresh buying, the current correction has seen little incentive for institutional players to step in. “This aligns with our assessment that the majority of ETF inflows came from arbitrage-driven hedge funds. With low funding rates persisting, there’s no strong motivation to deploy additional capital despite the price pullback,” he stated. Since Bitcoin dipped below $90,000 in early March, US-based spot Bitcoin ETFs have witnessed cumulative outflows of $1.66 billion, according to Farside data. As of now, Bitcoin is trading at $84,290, marking a 23% decline from its January peak. Will Bitcoin Hold Key Support Levels? While some traders remain cautious about Bitcoin’s near-term recovery, others are closely watching key support levels. Arthur Hayes, co-founder of BitMEX, believes Bitcoin is likely to retest $78,000 and, if it fails to hold, could slide further to $75,000. On the other hand, Iliya Kalchev, an analyst at Nexo, maintains that the low $70,000 range could provide a foundation for a stronger recovery. For now, Thielen remains uncertain about Bitcoin’s next big move, advising traders to consider closing short positions while acknowledging that there is still no concrete evidence of an imminent rally. With macroeconomic concerns such as Trump’s proposed tariffs adding to the uncertainty, Bitcoin’s next direction remains a closely watched mystery. The post Bitcoin Price: Prolonged Consolidation or a Surprise Rally? appeared first on TheCoinrise.com .
