Bitcoin's Price Range Widens Amid Bearish Short-Term Indicators

Bitcoin is expected to continue its wide price range, with short-term indicators suggesting a more bearish outlook. This perspective contrasts with the broader crypto community's view, according to the head of research at 10x Research.

While many crypto analysts predict new Bitcoin all-time highs by June, Markus Thielen expressed skepticism. He pointed out that onchain data signals a more bearish environment rather than a bullish one.

Thielen noted that 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.

This disconnect between short-term and longer-term indicators highlights the complexity of the current market outlook. Thielen emphasized that Bitcoin is no longer a parabolic 'Long-Only' retail-driven market, demanding a more sophisticated, finance-oriented approach.

According to Thielen, Bitcoin's rally over the past year has been driven by long-term holders seeking diversification and adopting a buy-and-hold strategy, rather than typical 'crypto-bro' speculation.

Thielen reiterated his stance that Bitcoin may consolidate for an extended period, much like it did in 2024. He views Bitcoin as trading within a broad range of $73,000 to $94,000, with a slight upward bias.

In March 2024, Bitcoin reached its then-all-time high of $73,679 before entering a consolidation phase, swinging within a range of around $20,000 until the US elections in November.

Many crypto analysts are eyeing June as the month when Bitcoin could surpass its current all-time high of $109,000, which it reached in January just before the US elections.

According to the analyst's forecast, there is more than a 50% chance that Bitcoin could reach new all-time highs before the end of June.

Meanwhile, another analyst said that the market may be underestimating how quickly Bitcoin could surge, potentially hitting new all-time highs before the second quarter is out.