Is the bull market over? 10x Research: Bitcoin may be consolidated for another 8 months, and the market lacks bottom buying

Bitcoin has been rocking above $80,000 recently, and Markus Thielen, principal cryptocurrency researcher at 10x Research, said that he does not rule out a repeat of the trend of 2024, that is, after hitting a record high, it has been in the consolidation phase for 8 consecutive months. (Synopsis: Bitcoin's gold-to-gold ratio fell below the 12-year support line, fearing a backtest of $65,000...) Is this bull market over? (Background supplement: Bitcoin rises above 85,000, the US government avoids a shutdown crisis, Trump calls the Russian-Ukrainian war "very likely to end") Bitcoin rebounded after falling below $77,000 on the 11th, and has continued to oscillate above $80,000 in recent days, although it broke above $85,000 on the 14th, and fell slightly today, once falling below $84,000, to the deadline, at $84,138, down 0.76% in the past 24 hours. Markus Thielen, principal cryptocurrency researcher at 10x Research, said that he does not rule out a repeat of the price action of 2024, that is, after hitting a new all-time high, most of the time in the consolidation phase. Bitcoin hit an all-time high of $73,679 in March 2024 and then entered a consolidation phase, fluctuating in a range of about $20,000 until November, when Trump was elected president of the United States. Thielen said he had this idea as early as two months ago, when bitcoin reached an all-time high of $109,000 on Trump's inauguration day. Trend shows market hesitation Thielen explained in a report released on the 15th that Bitcoin's current trend pattern is similar to the "high and narrow flag", although this is usually seen as a continuation of the bullish pattern, but currently shows some signs of market weakness: The emergence of two flags, rather than a single, precise pattern, weakens the strength of this technical pattern, and the current trend is more like market indecision than a clear bullish consolidation. Meanwhile, U.S. spot ETFs have accumulated outflows of about $1.66 billion since bitcoin fell below $90,000 in early March, according to Farside data, and Thielen noted that the bitcoin spot ETF market shows no signs of "buying the dips": Most ETF inflows come from hedge funds that carry trades. With funding rates persistently low, there is little incentive or willingness to deploy additional capital in the market, even with the recent price correction. Thielen is still uncertain whether Bitcoin's rally can be recovered in the short term: at this stage, closing short positions may be prudent, although there is no clear evidence yet that the price will rebound strongly. Related reports Dr. Bao Ge Rujun: Taiwan has Ready Bitcoin reserves! Cryptocurrency special law "it's better not to be good" Bitcoin National Reserve Discusses Taiwan, 2025 2nd Innovation and Derivatives Supervision Strategy Forum Successfully Concluded Gold knocks on $3,000 to a record high! Bitcoin's "risk-off narrative failure" struggles 〈The bull market is over? 10x Research: Bitcoin may consolidate for another 8 months, the market lacks bottom buying" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".