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The director of the research company spoke about Bitcoin's performance in the coming days: Bearish or bullish?
According to Markus Thielen, head of research at 10x Research, Bitcoin (BTC) could enter another phase of prolonged consolidation, mirroring the 2024 market behavior after its recent record high. Thielen pointed out that Bitcoin's current technical chart exhibits a "higher flag" pattern, which is typically seen as a bullish continuation signal.
However, he noted that the structure exhibits signs of weakness, indicating that the market remains in an uncertain state rather than a simple bullish consolidation.
Thielen also pointed out that the U.S. spot Bitcoin exchange-traded fund (ETF) market has not shown a strong "buy on dips" sentiment. Observing the lack of new capital inflows, Thielen attributed this to the fact that most of the ETF funds originated from arbitrage-oriented hedge funds. The persistently low funding rate further discouraged investors from injecting new capital into the market during the recent price correction.
As a result, Thielen expressed doubts that Bitcoin could continue its bullish trend in the short term. He added that there are no signs of a recovery on the horizon.