BlockBeats news, on March 15, 10x Research research director Markus Thielen stated that Bitcoin may repeat the trend of 2024, entering a long period of consolidation after reaching a historical high. He pointed out that the current technical chart of Bitcoin shows a 'high flag' pattern, which is generally 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 simply bullish consolidation.

Additionally, Thielen observed that the U.S. spot Bitcoin ETF market has not shown significant 'buying on dips' sentiment, lacking new inflow momentum. He believes that most ETF funds mainly come from arbitrage-driven hedge funds, and the persistently low funding rates have reduced investors' willingness to add funds during recent pullbacks.

Thielen believes it is unclear whether Bitcoin can regain its upward trend in the short term and suggests that investors temporarily close short positions at this stage, but there is still a lack of clear signals to support a strong rebound.