10x Research: Bitcoin May Experience Prolonged Consolidation Again, Market Lacks Buy-the-Dip Momentum

On March 15th, Markus Thielen, the director of 10x Research, stated that Bitcoin might replay the 2024 trajectory and enter a long period of consolidation after reaching a new all-time high. He pointed out that the current technical chart of Bitcoin presented a "rising wedge" pattern, which is usually regarded as a bullish continuation pattern. However, the current structure showed some signs of weakness, suggesting that the market was in an uncertain state rather than a simple bullish consolidation. Furthermore, Thielen noticed that the U.S. spot Bitcoin ETF market did not show obvious "buy-the-dip" sentiment and lacked new inflow momentum. He believed that most ETF funds mainly came from arbitrage-driven hedge funds, and the consistently low funding rate had reduced investors' willingness to add funds during recent pullbacks. Thielen thought that the short-term outlook for Bitcoin's resumption of the uptrend was still unclear. He advised investors to temporarily close out short positions at the current stage but still lacked a clear signal to support a strong rebound.