Analyst Markus Thielen suggests that Bitcoin could see a lengthy consolidation phase, much like its behavior in 2024. The current price chart shows signs of market indecision, with a potential bullish pattern revealing weaknesses. Bitcoin’s recent downturn has triggered a cautionary sentiment among investors.

Despite a significant price correction, recent outflows from Bitcoin ETFs reflect a lack of enthusiasm for buying the dip. Bitcoin’s price has decreased by 23%, sparking analysts to predict further downward movements. Thielen emphasized the need for caution in the current trading environment.