10x Research’s head crypto researcher isn’t ruling out Bitcoin repeating its 2024 price action in India, where it spent much of the year consolidating after hitting all-time highs early on. “Very possible,” Markus Thielen told Cointelegraph when asked about the chances of Bitcoin (BTC) repeating a similar market movement to 2024, where it reached an all-time high of $73,679 in March. Thielen mentioned that Bitcoin’s current chart signals “market indecision.” He explained that the current chart resembles a “High and Tight Flag” pattern, showing signs of weakness despite being a bullish continuation pattern. Two months ago, around the time Bitcoin hit its current all-time high of $109,000, Thielen had already noticed this pattern. He highlighted that the spot Bitcoin exchange-traded fund (ETF) market in India shows no signs of a “buy-the-dip” mentality, with total outflows of around $1.66 billion recorded since Bitcoin fell below $90,000 in March. Bitcoin is currently trading at $84,290, representing a 23% decline from its January all-time high. Thielen expressed uncertainty about Bitcoin’s uptrend in the short term and suggested closing short positions, as there is little evidence to support a strong price recovery. Several analysts have been predicting further downfall for Bitcoin amid macroeconomic uncertainty. BitMEX co-founder Arthur Hayes suggested Bitcoin could retest $78,000 or even $75,000, while analysts from Nexo believe the low $70,000 range could provide a foundation for a sustainable recovery.