According to online reports, Markus Thielen, research director at 10x Research, said that Bitcoin may repeat its trend in 2024 and enter a long-term period of shock consolidation after hitting a record high. He pointed out that the current technical figure of Bitcoin shows a "high and tight flag" pattern, which is usually considered to be a bullish continuation model, but the current structure shows certain signs of weakness, indicating that the market is in an uncertain state rather than simply bullish consolidation. In addition, Thielen observed that the U.S. spot bitcoin ETF market did not show obvious "bargain hunting" sentiment and lacked new capital inflow momentum. He believes that most ETF funds mainly come from arbitrage-driven hedge funds, and continued low funding rates have reduced investors 'willingness to add additional funds in the recent correction. According to Farside data, since Bitcoin fell below US$90,000 in early March, the U.S. Bitcoin spot ETF has accumulated an outflow of approximately US$1.66 billion. Bitcoin is currently trading at US$84,290, down 23% from the all-time high of US$109,000 set in January. Thielen believes that it is unclear whether Bitcoin will resume its upward trend in the short term and recommends that investors temporarily close out short positions at the current stage, but there is still a lack of clear signals to support a strong rebound. At the same time, BitMEX co-founder Arthur Hayes predicted on March 10 that Bitcoin may step back on US$78,000. If it falls below this support, US$75,000 will become the next key position. Nexo research analyst Iliya Kalchev believes that Bitcoin's low $70,000 region may form a more sustainable rebound basis.（Cointelegraph）