Bitcoin’s wide price range to continue, no longer a ‘long only’ bet — Analyst

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.”

*Short-term indicators signal potential market top*

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.”

Bitcoin is trading at $83,810 at the time of publication. Source: CoinMarketCap

“As a result, short-term signals are not aligning with longer-term indicators, highlighting the disconnect in the market outlook,” Thielen said.

“Bitcoin is no longer a parabolic ‘Long-Only’ retail-driven market,” he added, explaining it now “demands a more sophisticated, finance-oriented approach.”

“Bitcoin’s rally over the past year hasn’t been driven by typical ‘crypto-bro’ speculation but by long-term holders seeking diversification and adopting a buy-and-hold strategy,” Thielen said. 

Over the past 12 months, Bitcoin is up 32.80% and is trading at around $83,810 at the time of publication, according to CoinMarketCap.

*Bitcoin price action may repeat 2024 pattern*

Thielen reiterated his stance that Bitcoin may consolidate for an extended period, much like it did in 2024. 

“Despite our cautious optimism, we view Bitcoin as trading within a broad range of $73,000 to $94,000, with a slight upward bias,” he said.

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 Donald Trump won the US elections in November.

*Related: **Bitcoin price recovery could be capped at $90K — Here’s why*

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 Trump’s inauguration.

Swan Bitcoin CEO Cory Klippsten told Cointelegraph in early March that “there’s more than 50% chance we will see all-time highs before the end of June this year.”

Sharing a similar view, Bitcoin network economist Timothy Peterson and Real Vision chief crypto analyst Jamie Coutts have also marked June as when Bitcoin could reach a new high.

“It is entirely possible Bitcoin could reach a new all-time high before June,” Peterson said.

Meanwhile, Coutts said, “The market may be underestimating how quickly Bitcoin could surge – potentially hitting new all-time highs before Q2 is out.”

*Magazine: **Riskiest, most ‘addictive’ crypto game of 2025, PIXEL goes multi-game: Web3 Gamer*

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.