BlockBeats News, March 15, 10x Research Director Markus Thielen stated that Bitcoin may repeat the trend of 2024, entering a long period of consolidation after reaching an all-time high. He pointed out that the current technical chart of Bitcoin shows a 'high-level 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 a state of uncertainty rather than a purely bullish consolidation.

In addition, Thielen observed that the U.S. spot Bitcoin ETF market has not shown significant 'buying the dip' sentiment, lacking new inflow momentum. He believes that most ETF funds primarily 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 an upward trend in the short term, suggesting that investors temporarily close short positions at this stage, but there are still no clear signals supporting a strong rebound.