Thielen acknowledged<\/a><\/strong> the likelihood of Bitcoin<\/a><\/strong> undergoing a similar price pattern, where after peaking in early 2024 at nearly $74,000, the asset saw a period of stabilization before a shift in market dynamics in November.<\/p>\n

Thielen’s analysis also pointed to Bitcoin\u2019s current chart formation, which resembles a \u201cHigh and Tight Flag\u201d pattern, traditionally seen as a bullish continuation.<\/p>\n

However, the chart shows signs of weakness due to multiple flags instead of a single one, signaling hesitation in the market and diminishing the pattern’s usual bullish indication. This uncertainty is further underscored by Bitcoin\u2019s failure to inspire a “buy-the-dip” mentality among investors, with many seemingly uninterested in seizing recent price declines.<\/p>\n