According to Golden Finance, 10x Research research director Markus Thielen said that Bitcoin may repeat the trend in 2024, entering a long period of oscillation and consolidation after hitting an all-time high. He pointed out that the current technical graph of Bitcoin is showing a "high-level tight flag" pattern, which is usually considered a bullish continuation pattern, but the current structure shows certain signs of weakness, indicating that the market is in a state of uncertainty rather than simply bullish consolidation. In addition, Thielen observed that the US spot Bitcoin ETF market did not show obvious "buy on dips" sentiment and lacked new motivation for capital inflows. He believes that most ETF funds come primarily from arbitrage-driven hedge funds, and the continued low funding rates have reduced investors' willingness to add funds in the recent pullback. 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 that it is unclear whether Bitcoin can resume its upward trend in the short term, and advises investors to temporarily close short positions at the current stage, but there is still a lack of clear signals to support a strong rebound. Meanwhile, BitMEX co-founder Arthur Hayes predicted on March 10 that Bitcoin could pull back to $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 may form a more sustainable rebound basis in the $70,000 low. (Cointelegraph)