Ladies and gentlemen, gather ‘round because Bitcoin might be gearing up for a long nap.
Markus Thielen of 10x Research has dropped a bombshell prediction and said Bitcoin could repeat its 2024 performance and spend the better part of eight months consolidating.
No fireworks, no moon missions, just sideways action.
The mother of all consolidations?
Back in 2024, Bitcoin hit an all-time high of $73,679 in March, only to settle into a sleepy consolidation phase until November.
Fast forward to today, and Bitcoin’s chart is showing signs of déjà vu. Thielen says the current setup resembles a “High and Tight Flag,” which is usually bullish, but here’s the twist, now it’s looking weak. Two flags instead of one?
That’s like trying to win a poker game with mismatched cards. The market seems pretty indecisive.
The top is in?
Now, let’s talk numbers. Bitcoin hit its latest all-time high of $109,000 on Trump’s inauguration day in January.
Since then, it’s been on a downward spiral, trading at $84,290 as of today, a 23% drop from its peak.
And if you’re thinking about buying the dip, well, Thielen isn’t so sure that’s a good idea. Spot Bitcoin ETFs in the U.S. have recorded outflows of $1.66 billion since March began.
Hedge funds are playing it safe, and funding rates are too low to tempt new capital into the game.
But wait, it gets even worse. Arthur Hayes from BitMEX chimed in last week with his own gloomy forecast, Bitcoin could retest $78,000 soon.
If that level cracks, we’re looking at $75,000 next. Meanwhile, Iliya Kalchev from Nexo thinks the low $70K range might offer some hope for recovery, but let’s not hold our breath.
Global market issues
The elephant in the room? Macroeconomic uncertainty fueled by Trump’s proposed tariffs is keeping crypto analysts on edge.
It’s like trying to predict the weather during hurricane season, chaotic and unpredictable.
So here we are now, Bitcoin might be stuck in limbo for months while traders twiddle their thumbs and hope for better days. Will it bounce back or slide further into the abyss?
Have you read it yet? The Bitcoin market isn’t an easy place, newbies lose big
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