TechFlow news, on March 15, according to Cointelegraph, Markus Thielen, chief researcher at cryptocurrency research firm 10x Research, said Bitcoin may be repeating its 2024 price pattern, entering a prolonged consolidation phase after hitting record highs early in the year.
Thielen noted that Bitcoin's current chart is forming a "high-level tight flag," which is typically a bullish continuation pattern, but currently shows signs of weakness, indicating "market indecision" rather than clear bullish consolidation. Meanwhile, the spot Bitcoin exchange-traded fund (ETF) market does not show a "buy-the-dip" mentality.
Thielen believes there is currently insufficient evidence to support a strong rebound in Bitcoin's price in the near term.
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