Bitcoin’s 2024 Price Action Could Repeat, Says 10x Research Analyst

Bitcoin’s 2024 Price Action Could Repeat, Says 10x Research Analyst

Bitcoin may follow a familiar pattern in 2025, echoing its 2024 price action, where it consolidated for most of the year after reaching record highs.

Markus Thielen, head of crypto research at 10x Research, told Cointelegraph that a similar market movement is “very possible.” In March 2024, Bitcoin hit an all-time high of $73,679 before entering an extended consolidation phase, fluctuating within a $20,000 range until Donald Trump’s election as U.S. president in November.

Bitcoin’s Chart Suggests Market Uncertainty

Thielen noted that Bitcoin’s current price chart reflects market indecision. This view, he explained, had been forming for months—particularly since BTC reached its latest all-time high of $109,000 on the day of Trump’s inauguration.

In his March 15 market report, Thielen pointed out that Bitcoin’s chart resembles a “High and Tight Flag” pattern. While this is typically a bullish continuation signal, he warned that its current formation lacks strength.

“Two flags instead of a single, precise formation weaken this setup,” he said. “As a result, the pattern currently indicates uncertainty rather than a clear bullish consolidation.”

Adding to the cautious sentiment, Thielen highlighted a lack of strong buying interest in the spot Bitcoin exchange-traded fund (ETF) market.

Low ETF Demand Signals Limited Buying Interest

“This aligns with our view that most ETF inflows came from arbitrage-driven hedge funds,” Thielen explained. “With persistently low funding rates, there’s little incentive to deploy additional capital despite the recent price dip.”

Since early March, when BTC fell below $90,000, U.S. spot Bitcoin ETFs have recorded total outflows of approximately $1.66 billion, according to Farside data.

At the time of publication, BTC is trading at $84,290, reflecting a 23% drop from its January all-time high of $109,000, according to CoinMarketCap.

Will Bitcoin’s Uptrend Resume?

Thielen remains uncertain about Bitcoin’s short-term recovery prospects. “It may be prudent to close short positions at this stage,” he said, “though there’s little evidence to support a strong rebound.”

BTC’s dip below $80,000 on February 28—its first time under that level since November—has fueled bearish predictions among analysts, especially amid macroeconomic uncertainty surrounding President Trump’s proposed tariffs.

On March 10, BitMEX co-founder and Maelstrom CIO Arthur Hayes warned that Bitcoin could retest $78,000. “If it fails, $75,000 is next in the crosshairs,” he stated.

Meanwhile, Iliya Kalchev, a dispatch analyst at Nexo, suggested that the low-$70,000 range could serve as a foundation for a more sustainable recovery.

With market sentiment divided and ETF demand sluggish, Bitcoin’s next major move remains uncertain.