{"id":9769,"date":"2025-03-15T08:29:34","date_gmt":"2025-03-15T07:29:34","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=9769"},"modified":"2025-03-15T08:29:34","modified_gmt":"2025-03-15T07:29:34","slug":"bitcoins-potential-8-month-consolidation-insights-from-10x-research","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/15\/bitcoins-potential-8-month-consolidation-insights-from-10x-research\/","title":{"rendered":"“Bitcoin’s Potential 8-Month Consolidation: Insights from 10x Research”"},"content":{"rendered":"

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The chief cryptocurrency researcher at 10x Research is not dismissing the possibility of Bitcoin emulating its price behavior from 2024, when it spent a significant portion of the year stabilizing after reaching record highs early in the year.<\/p>\n

\u201cQuite possible,\u201d Markus Thielen remarked to Cointelegraph when queried about the likelihood of Bitcoin (BTC<\/a>) mirroring a similar market trend as in 2024, where it attained a historical peak of $73,679 in March before entering a consolidation phase, fluctuating within a range of approximately $20,000 until Donald Trump was chosen as president of the US in November.<\/p>\n

Current Bitcoin chart indicates \u201cmarket uncertainty\u201d<\/h2>\n

Thielen shared that he had this perspective even two months ago, around the time Bitcoin reached its latest all-time high of $109,000 on the day of Trump\u2019s inauguration<\/a>.<\/p>\n

In his most recent<\/a> market analysis dated March 15, he mentioned that Bitcoin\u2019s existing chart resembles a \u201cHigh and Tight Flag,\u201d which, although typically a bullish continuation formation, reveals signs of fragility.<\/p>\n

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Bitcoin’s price chart is creating a High, Tight Flag Pattern. Source: <\/em>10x Research<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

\u201cThe presence of two flags instead of a single, clear pattern diminishes this arrangement,\u201d Thielen stated.<\/p>\n

\u201cConsequently, the pattern currently indicates market uncertainty rather than a clear bullish consolidation,\u201d he elaborated.<\/p>\n

In parallel, he noted that the spot Bitcoin exchange-traded fund (ETF) market exhibits no indicators of a \u201cbuy-the-dip\u201d mentality.<\/p>\n

\u201cMinimal motivation\u201d to capitalize on Bitcoin\u2019s recent price drop<\/h2>\n

\u201cThis aligns with our belief that the majority of ETF inflows originated from arbitrage-driven hedge funds. Given the consistently low funding rates, there\u2019s minimal motivation or readiness to deploy further capital in response to the recent price decline,\u201d Thielen remarked.<\/p>\n

Since early March, when Bitcoin dipped below $90,000, spot Bitcoin ETFs in the United States have experienced total outflows of roughly $1.66 billion, according<\/a> to data from Farside.<\/p>\n

At the time of publication, Bitcoin is trading at $84,290, according<\/a> to CoinMarketCap. This marks a 23% reduction from its $109,000 all-time high in January.<\/p>\n

\"Cryptocurrencies\"
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Bitcoin has declined by 12.86% over the past month. Source: <\/em>CoinMarketCap<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Thielen is uncertain if Bitcoin\u2019s upward trend will recommence shortly. \u201cThus, it may be wise to close short positions at this moment, although there is scant evidence to back a robust price recovery,\u201d Thielen stated.<\/p>\n

Related: <\/strong><\/em>Bitcoin panic selling costs new investors $100M in 6 weeks \u2014 Research<\/strong><\/em><\/a><\/p>\n

Ever since Bitcoin fell below $80,000 on February 28 \u2014 the first occurrence since November \u2014 amid escalating macroeconomic concern regarding US President Donald Trump\u2019s proposed tariffs, numerous crypto analysts have forecasted additional decline for the asset.<\/p>\n

On March 10, BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes<\/a> stated, \u201cit appears that Bitcoin will retest $78,000.\u201d \u201cShould it fail, $75,000 is the next target,\u201d he continued.<\/p>\n

Meanwhile, Iliya Kalchev, a dispatch analyst at digital asset investment platform Nexo, informed Cointelegraph on March 11 that the lower $70,000 range<\/a> could \u201coffer a basis for a more stable recovery.\u201d<\/p>\n

Magazine: <\/strong><\/em>Crypto enthusiasts are fixated on longevity and biohacking: Here\u2019s why<\/strong><\/em><\/a><\/p>\n