On March 15, 2023, 10x Research's research director Markus Thielen stated that Bitcoin may repeat its trend in 2024, entering a prolonged consolidation phase after reaching an all-time high. He pointed out that the current technical chart of Bitcoin shows a 'high flag' pattern, which is usually considered a bullish continuation pattern, but the current structure displays signs of weakness, indicating that the market is in a state of uncertainty rather than a purely bullish consolidation.