Markus Thielen, head of research at 10x Research, said that Bitcoin could repeat the trend of 2024, entering a long period of volatility and consolidation after setting a record high. He pointed out that the current technical pattern of Bitcoin is showing a "high and tight flag" pattern, which is usually regarded as a bullish continuation pattern, but the current structure shows some signs of weakness, indicating that the market is in a state of uncertainty rather than a simple bullish consolidation. In addition, Thielen observed that the US spot bitcoin ETF market did not show a significant "buy-on-the-dip" sentiment and lacked the impetus for new inflows. He believes that most ETF funding has come from arbitrage-driven hedge funds, and that continued low funding rates have reduced investors' willingness to add capital in the near-term correction. According to Farside data, since bitcoin fell below $90,000 in early March, US bitcoin spot ETFs have accumulated outflows of about $1.66 billion. Bitcoin is currently trading at $84,290, down 23% from its all-time high of $109,000 set in January. Thielen believes it is unclear whether Bitcoin can resume its upward trend in the short term, and advises investors to temporarily close short positions at this stage, but there is still a lack of clear signals to support a strong rally. Meanwhile, BitMEX co-founder Arthur Hayes predicted on March 10 that Bitcoin could hit $78,000, and if it falls below that support, $75,000 will be the next key position. Nexo Research Analyst Iliya Kalchev believes that Bitcoin at the low $70,000 level could form a more sustainable basis for a rally. (Cointelegraph)