Bitcoin (BTC) might just be settling in for another period of calm after its recent price peak, much like we saw happening in 2024. That’s according to Markus Thielen, an expert in the field and research director at 10x Research. Thielen pointed out that if you look at Bitcoin’s technical charts right now, it seems to be forming a “bullish flag” – which is usually a signal that prices are likely to keep going up.

However, he also mentioned that this pattern isn’t looking as strong as it should be, suggesting that the market is still in a bit of a confused state, and not just taking a breather before going up again.

Adding to this, Thielen noted that the US market for Bitcoin ETFs (those funds that track Bitcoin’s price) hasn’t really shown a strong “buy the dip” attitude. He noticed that not much new money is flowing in, and he thinks this is because most of the money in these ETFs comes from hedge funds that are just looking for quick profits through arbitrage. Plus, the fact that borrowing costs (the funding rate) are still low isn’t encouraging investors to put more money into Bitcoin even after the recent price drop.

So, as a result, Thielen sounds pretty skeptical about Bitcoin’s chances of keeping its upward momentum going in the near future. He adds that he just isn’t seeing any signs right now that things are about to turn around and recover.

*This is not investment advice.