10x Research\u2019s head crypto researcher isn\u2019t 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
10x Research\u2019s head crypto researcher isn\u2019t 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 […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[25],"tags":[],"aioseo_notices":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"author_info":{"display_name":"","author_link":"https:\/\/vanillanews.com\/index.php\/author\/"},"category_info":"JUST IN<\/a>","tag_info":"JUST IN","comment_count":"0","_links":{"self":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/65398"}],"collection":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/comments?post=65398"}],"version-history":[{"count":0,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/65398\/revisions"}],"wp:attachment":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/media?parent=65398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/categories?post=65398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/tags?post=65398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}