Emre Yumlu 
A crypto researcher says that Bitcoin’s price chart shows little evidence to support a strong price recovery in the near term.
High Probability of Bitcoin Repeating Its 2024 Price Movement
The head crypto researcher at 10x Research does not rule out the possibility of Bitcoin repeating its price movement in 2024. Bitcoin, which reached all-time highs early in 2024, spent much of the year consolidating.
“Very likely,” said Markus Thielen, evaluating the possibility of Bitcoin showing a similar market movement to 2024. In March 2024, Bitcoin reached an all-time high of $73,679, then consolidated within a range of around $20,000. This phase ended after Donald Trump was elected U.S. president in November.
BTC’s Current Chart Shows “Market Indecision”
Thielen mentioned that this thought goes back to two months ago, when Bitcoin hit its current all-time high of $109,000 on Trump’s inauguration day.
In his most recent market report on March 15, Thielen explained that Bitcoin’s current chart resembles a “High and Tight Flag” formation, typically a bullish continuation pattern, but with signs of weakness.
“Having two flags instead of a single, precise formation weakens the setup,” Thielen said.
“As a result, this pattern currently signals market indecision rather than a straightforward bullish consolidation,” he added.
Bitcoin’s Short-Term Uptrend Uncertain
Thielen pointed out that there are no signs of a “buy-the-dip” mentality in the Bitcoin spot ETF market and emphasized that most ETF flows come from arbitrage-driven hedge funds.
Since early March, after Bitcoin fell below $90,000, spot Bitcoin ETFs have recorded $1.66 billion in outflows. Bitcoin is trading at $84,290, which represents a 23% drop from its $109,000 peak in January.
Thielen expressed uncertainty about Bitcoin’s short-term uptrend, stating that there is little evidence to support a strong price recovery. Other analysts also predict further downside for Bitcoin due to growing macroeconomic uncertainty.
BitMEX co-founder Arthur Hayes stated that $78,000 may be retested, and if that fails, $75,000 could be the next target. Meanwhile, Iliya Kalchev from Nexo said that the low $70,000 range could provide a foundation for a more sustainable recovery.
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