The main Cryptographic researcher 10x Research does not exclude bitcoins repeating the price of 2024, where he spent most of the year after reaching the highest levels early.
“Very possible”, Marus Thielen told CointeLgraph when he asked what chances to repeat a similar market movement until 2024. In March 2024, Bitcoin reached the highest level of 73 679 USD before he took the highest level of 73 679 USD in November.
The current Bitcoin chart signals “market indecision”
Thielen said he had this thought two months ago, more or less when Bitcoin reached the current highest level of $ 109,000 on the day of Trump’s inauguration.
He explained the most last The market report on March 15, that the current Bitcoin table resembles a “tall and tight flag”, which, despite the fact that this is a stubborn pattern of continuation, shows signs of weakness.
The Bitcoin price chart is a high, tight flag pattern. Source: 10x study
“Two flags instead of one precise formation weaken this configuration,” said Thielen.
“As a result, the pattern currently suggests market indecision, not a simple stubborn consolidation,” he added.
Meanwhile, he also noticed that the Bitcoin Exchange (ETF) market market has no signs of “Buy” mentality.
“Little Zachęta” to take advantage of the recent fall in Bitcoin prices
“This is in accordance with our opinion that most ETF flows come from arbitration -based hedge funds. Given the persistently low financing rates, there is a slight motivation or readiness to implement additional capital despite the recent price correction, “said Thielen.
From the beginning of March, when Bitcoin fell below USD 90,000, ETF on Bitcoin in the US has recorded a total outflow of around $ 1.66 billion, According to to distant data.
Bitcoin trads $ 84,290 at the time of publication, According to to Coinmarketcap. This is a 23% decrease compared to the highest level of USD 109,000.
Bitcoin has fallen by 12.86% over the past month. Source: Coinmarketcap
Thielen is not sure if Bitcoin’s growth will resume in the tiny period. “Therefore, it may be reasonable to close short positions at this stage, although there is little evidence to support strong price recovery,” said Thielen.
Related: Bitcoin Panic Sales costs fresh investors $ 100 million in 6 weeks – research
Since Bitcoin has fallen below USD 80,000 on February 28 – for the first time since November – among the growing macroeconomic uncertainty as to the proposed tariffs of US President Donald Trump, several cryptographic analysts provide for the further fall of this asset.
On March 10, co -founder of Bitmex and investment director Maelstrom, Arthur Hayes, said: “It looks like Bitcoin will complete USD 78,000 again.” “If it fails, $ 75,000 is next in the crosshairs,” he added.
Meanwhile, Iliiya Kalchev, a mail order analyst at Digital Asset Investment Platform Nexo, said on March 11 Cointelegraph that a low range of USD 70,000 can “be the basis for more sustainable recovery.”
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