Bitcoin Decline Not Seen as a Buying Opportunity: It Could Hold for Another 8 Months for a Rise! - Coin Newsletter

The analyst at 10x Research stated that there are no clear signs in the short term that Bitcoin will (BTC) show a strong rise, and it is quite possible that the price will remain sideways for another 8 months.

Markus Thielen, chief cryptocurrency analyst at 10x Research, said that Bitcoin could repeat its move in early 2024. After reaching an all-time high of $73,679 in March last year, the price of Bitcoin remained flat for about 8 months** and only started to rise again in November when Donald Trump was elected President of the United States.

Thielen stated that it is **very possible" that this scenario will happen again under the current conditions.

Evaluating Bitcoin's current price chart, the analyst emphasized that uncertainty prevails in the market. In January, on the day Trump was sworn in as president, Bitcoin hit a new record of $109,000. However, according to Thielen, the price charts that have formed since then indicate indecision rather than a strong bullish trend in the market.

ETF investors are cautious

Thielen also noted that there have been significant outflows from spot Bitcoin ETFs in the United States in recent weeks. Since the beginning of March, there has been a net outflow of approximately $1.66 billion from spot Bitcoin ETFs, with the price of Bitcoin falling below $90,000.** Thielen said that this shows that investors do not see the price drop as a buying opportunity. According to the analyst, low funding rates and the withdrawal of arbitrage funds prevent the inflow of new capital into the market.

At the time of writing, the price of Bitcoin is trading around $84,290. This is a 23% decrease from the peak level reached in January. Thielen said he was unsure about the start of a new bullish wave in the short term, adding that while it may make sense to close short positions, there are no signs of a strong recovery yet.