Bitcoin's 2024 Trend May Repeat, Research Shows; Market Signals Indecision as ETF Outflows Continue - Expert Analysis
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
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.