In critical comments for Bitcoin, the10x Research said it did not show a strong recovery signal in the short term, and the leading crypto currency may enter a long consolidation process as in 2024. Markus Thielen, the chief researcher of the organization, said Bitcoin could fluctuate at certain price intervals for the rest of the year.
Uncertainty on the Bitcoin side continues
Thielen said Bitcoin’s recurrence of the price movement in 2024 was “very possible”. In March last year, the BTC entered a large consolidation process after reaching a $ 73,680 summit and the price fluctuations continued in November until Donald Trump was elected to the US presidency.
Thielen thinks that Bitcoin has entered a similar price movement after reaching the highest level of all time with 109 thousand dollars in January, and says that the current graph gives a signal of ız indecision in the market ”. In particular, although the “High and Tight Flag” formation usually shows the continuation of the bull trend, he emphasizes that this formation does not form a clear rise signal in Bitcoin’s graph.
ETF investors do not buy in the decline
Thielen said Spot Bitcoin Stock Exchange Investment Funds (ETF) did not show the expected “recruitment” reflex against market corrections. According to him, this shows that ETF investments are largely directed by arbitrage -oriented hedge funds.
Spot Bitcoin ETFs traded in the US have experienced a total of $ 1.66 billion net output since the beginning of March. The limited new capital inflow in the market due to low funding rates weakens investors’ interest in Bitcoin.
Next Scenario for Bitcoin: Is it ascension or a further drop?
Since Bitcoin fell below $ 80,000 on February 28, analysts indicate that a decline tendency may continue. Bitmex’s founding partner Arthur Hayes, in a statement on March 10 Bitcoin can test $ 78 thousand and this level may fall up to 75 thousand dollars, he said.
On the other hand, Digital Asset Investment Platform Nexo’s analyst Iliya Kalchev said that levels of $ 70,000 can offer a more solid recovery ground for Bitcoin.
