10x Research: Bitcoin is "very likely" to consolidate again for 8 months

According to Cointelegraph, 10x Research chief cryptocurrency researcher Markus Thielen said that Bitcoin is "very likely" to repeat the trend in 2024, entering a long period of oscillation and consolidation after hitting an all-time high. It hit an all-time high of $73,679 in March last year before entering a consolidation phase that had been fluctuating around $20,000 before Donald Trump was elected as U.S. president in November. Bitcoin’s technical graph is similar to the “high and tight flag” and, although usually a bullish continuation pattern, also shows signs of weakness. Meanwhile, the spot Bitcoin exchange-traded fund (ETF) market has shown no signs of a "buy on dips" mentality.