A new analysis by Markus Thielen of 10x Research suggests Bitcoin may enter an extended consolidation phase ahead. Contrary to optimistic predictions for new all-time highs by June, he cites bearish indicators suggesting a market top. Current Bitcoin trading around $83,810, reflecting a 32.80% rise over the past year, indicates a shift toward more sophisticated investment strategies from long-term holders.
Analyst insights indicate that Bitcoin may enter an extended consolidation phase, with key short-term indicators displaying a bearish trend. Markus Thielen of 10x Research challenges the optimistic forecasts within the crypto community that predict new Bitcoin (BTC) all-time highs by June. He highlights onchain data suggesting a prevailing bear market environment contrary to the anticipated bullish momentum.
Thielen specifically notes the Bitcoin stochastic oscillator, an indicator that assesses price momentum against a range of closing prices, is showing patterns indicative of a market top rather than the onset of a bull run. This dissonance between short-term signals and longer-term projections suggests a complex market landscape. He further asserts that Bitcoin’s market dynamics have shifted from a speculative retail-driven approach to requiring sophisticated financial strategies.
Contrary to typical crypto speculation, Bitcoin’s recent rally is attributed to long-term holders adopting diversified, buy-and-hold strategies. Currently, Bitcoin has increased by 32.80% over the past year, trading around $83,810, according to CoinMarketCap. Thielen anticipates Bitcoin will likely continue to consolidate within a broad range of $73,000 to $94,000, reminiscent of the trends observed in 2024.
Historically, Bitcoin reached an all-time high of $73,679 in March 2024 before entering a period of consolidation. Much anticipation now surrounds June, with several analysts predicting the possibility of surpassing the previous high of $109,000. Cory Klippsten from Swan Bitcoin has advocated that the probability of hitting all-time highs before June exceeds 50%, with Timothy Peterson and Jamie Coutts echoing a similar sentiment regarding potential price surges before the quarter concludes.
