On March 15th, Markus Thielen, Director of 10x Research, shared insights on the potential trajectory of Bitcoin in 2024. He noted that after reaching a new all-time high, Bitcoin is likely to undergo a prolonged period of consolidation. Analyzing the current technical indicators, Thielen highlighted a “rising wedge” pattern, which often signals a bullish continuation. However, he cautioned that the emerging market dynamics indicate a phase of uncertainty rather than straightforward bullish consolidation.
Thielen also remarked on the lack of significant “buy-the-dip” sentiment in the U.S. spot Bitcoin ETF market, with insufficient inflow momentum evident. He stressed that the majority of these ETF investments are presently from arbitrage-oriented hedge funds, and ongoing low funding rates are discouraging further capital influx during price corrections. In light of this, Thielen suggests that the short-term outlook for Bitcoin’s price recovery remains ambiguous, advising investors to consider closing short positions, though a definitive rebound signal is yet to emerge.