10x Research: Bitcoin may enter an 8-month consolidation period again, with a lack of rebound signals in the short term

ChainCatcher news, according to Cointelegraph, the chief researcher of the cryptocurrency research institution 10x Research, Markus Thielen, stated that Bitcoin may repeat its price trend in 2024, entering a long-term consolidation phase after reaching an all-time high at the beginning of the year.

Thielen pointed out that the current Bitcoin chart is forming a "high-level tightening flag," which, although typically a bullish continuation pattern, currently shows signs of weakness, indicating "market indecision" rather than a clear bullish consolidation. Meanwhile, the spot Bitcoin exchange-traded fund (ETF) market has not shown a "buying the dip" mentality.

Thielen believes there is a lack of evidence to support a strong price recovery for Bitcoin in the short term.