Bitcoin’s rally over the past year has not been driven “by typical crypto-bro speculation,” says 10x Research’s Markus Thielen.
Bitcoin could be heading into another extended consolidation phase, with short-term indicators suggesting a more bearish outlook, contrary to the broader crypto community’s view, according to the head of research at 10x Research.
While many crypto analysts predict new Bitcoin (BTC) all-time highs by June, Markus Thielen said in an April 14 markets report that he is skeptical, pointing out that onchain data signals “more of a bear market environment than a bullish one.”
Thielen said the Bitcoin stochastic oscillator — which compares a particular closing price to a range of prices over a specific period to determine momentum — shows patterns “more typical of a market top or late-cycle phase rather than the early stages of a new bull run.”
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