Bitcoin’s Future: A Cautionary Tale from 10x Research
A new report from 10x Research warns that it’s too early to buy Bitcoin. The price is expected to reach around $73,000 soon. According to Markus Thielen, CEO and lead analyst at 10x Research, the next bull run needs a fresh story.
Thielen attributes the crypto market’s decline partly to Trump’s policies and the collapse of memecoins. He says, “Many retail investors hold portfolios filled with meme coins, most of which are slowly losing value. This is similar to the broader market under the so-called crypto president.”
The report,released on march 11,2025,highlights the bursting of another speculative bubble. In 2021, it was NFTs and DeFi. Now, it’s memecoins. Ethereum is no longer used for memecoins, while Solana- and Pump.Fun-based coins are declining.
The memecoin bubble burst affected other cryptos. Dogecoin, a popular memecoin, lost 33% of its value in February. This decline weakened Bitcoin’s position. The report advises caution,stating,”Bitcoin is steadily heading toward $73,000. The next major move will require a new narrative.”
Despite positive news, like the Lummis bill urging the U.S. to buy one million bitcoins, the market remains unresponsive.Scott Melker, during a YouTube stream, noted this “news-deafness” as a bearish phase.
Thielen believes Bitcoin will recover but not until a strong new narrative emerges. He advises against buying Bitcoin until it drops to $73,000.
