BlockBeats News, on March 15, Markus Thielen, head of research at 10x Research, said that Bitcoin could repeat its 2024 trend, entering a long period of choppy consolidation after hitting new all-time highs. He pointed out that the current technical pattern of Bitcoin shows a "high flag" pattern, which is often considered 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 U.S. spot Bitcoin ETF market is not showing a clear "buy the dip" sentiment and lacks momentum for new inflows. He believes that most ETF funding comes mainly from arbitrage-driven hedge funds, and that the continued low funding rate has reduced investors' willingness to add capital during the recent pullback.