Source: Cointelegraph Original: "{title}"

According to the research director of 10x Research, Bitcoin may enter another extended consolidation phase, with short-term indicators showing a more pessimistic outlook, contrary to the broader cryptocurrency community's views.

While many cryptocurrency analysts predict that Bitcoin will reach a new all-time high in June, Markus Thielen expressed skepticism in a market report on April 14. He noted that on-chain data indicates "more of a bear market environment rather than a bull market environment."

Short-term indicators show potential market peaks

Thielen stated that Bitcoin's random oscillation indicator—determined by comparing specific closing prices with the price range over a specific period—displays "a pattern more typical of market peaks or late-cycle phases, rather than the early stages of a new bull market."

Bitcoin's trading price at the time of publication was $83,810 Source: CoinMarketCap

"Therefore, short-term signals are inconsistent with long-term indicators, highlighting a disconnect in market outlook," Thielen said.

"Bitcoin is no longer a parabolic 'buy only' retail-driven market," he added, explaining that a "more sophisticated, finance-oriented approach is now needed."

"The rise of Bitcoin over the past year has not been driven by typical 'crypto bros' speculation, but rather by long-term holders seeking diversification and adopting a buy-and-hold strategy," Thielen said.

According to CoinMarketCap, Bitcoin has risen 32.80% over the past 12 months, with a trading price of approximately $83,810 at the time of publication.

Bitcoin price trends may repeat the 2024 pattern

Thielen reiterated his position that Bitcoin may experience an extended consolidation period, similar to that of 2024.

"While we remain cautiously optimistic, we believe Bitcoin will trade within a wide range of $73,000 to $94,000, with a slight upward bias," he said.

In March 2024, Bitcoin reached its then-historical high of $73,679, before entering a consolidation phase, fluctuating around the $20,000 range until Donald Trump won the U.S. election in November.

Many cryptocurrency analysts are focusing on June, believing that Bitcoin may surpass its current all-time high of $109,000, which was reached in January before Trump's inauguration.

Swan Bitcoin CEO Cory Klippsten told Cointelegraph in early March, "The likelihood of hitting a new all-time high before the end of June this year is over 50%."

Bitcoin network economist Timothy Peterson and Real Vision's chief crypto analyst Jamie Coutts, who share a similar view, have also marked June as a potential time for Bitcoin to reach new highs.

"It is entirely possible for Bitcoin to reach a new all-time high before June," Peterson said.

Meanwhile, Coutts stated, "The market may be underestimating the speed at which Bitcoin could surge—potentially reaching new all-time highs before the end of the second quarter."

This article does not contain investment advice or recommendations. Every investment and trading involves risks, and readers should conduct their own research when making decisions.

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