Bitcoin Price Analysis and Market Trends

A new report from 10x Research suggests it’s too early to buy a dip, as Bitcoin is heading to around $73,000 soon. The next bull run will require a new narrative, according to Markus Thielen, CEO and main analyst at 10x Research.

Market Decline Causes

10x places substantial blame for the crypto market decline on Trump’s policies and the collapse of memecoins:

> “Many retail investors are now holding portfolios packed with meme coins, most of which are on a slow march to zero with TRUMP leading the way, collapsing under the weight of speculation, much like the broader market under the so-called crypto president.”

Read more: Is Trumpism winning and crypto failing? Bitcoin, Ethereum, and XRP bleed as traders react.

Memecoin Bubble

The report, released on March 11, 2025, indicates that another speculative bubble has burst. In 2021, it was the NFT/DeFi bubble; this time, it is a memecoins bubble. While Ethereum is no longer used for memecoins, Solana- and Pump.Fun-based coins are in severe decline.

The burst of the memecoins bubble affected other market players, with Dogecoin, one of the oldest and most popular memecoins, losing 33% of its price in February. This decline undermined Bitcoin’s position, indicating a weakening foundation and suggesting a period of caution — not complacency. Bitcoin (BTC) is steadily heading toward $73,000, and historical trends indicate that the next major upward move will require a compelling new narrative.

Interestingly, this decline occurs even as the White House shows signs of embracing crypto, while gold prices reach new heights amidst incredibly crypto-bullish headlines.

Ongoing Market Decline

On March 12, 2025, Thielen appeared on a Wolf of All Streets YouTube stream to discuss his report with host Scott Melker. Despite the serious decline already observed in the crypto market, especially concerning memecoins, Thielen predicts continued price drops.

Crypto ETFs are being sold continuously, while Trump threatens Canada with increased tariffs on auto imports, adding chaos among traders. Expectations for April remain uncertain, and Thielen mentions that new rate cuts by the Fed are not expected until the summer, extending this period of uncertainty.

Hence, Bitcoin prices are expected to keep declining. Thielen mentions he would consider buying BTC at the $73,000 level.

Market News Impact

During the YouTube stream, Melker highlighted that Bitcoin prices remain stagnant despite positive news, such as the reintroduction of the Lummis bill, urging the U.S. to buy one million bitcoins in five years. Historically, such news would have driven Bitcoin prices up, but currently, the market reaction is subdued.

Alongside the Lummis bill, Melker noted the SEC has dropped several cases against crypto companies and that the overall easing of crypto regulation has not positively impacted market sentiments during this bearish phase.

The post-inauguration trajectory for Bitcoin has been far from bullish. After Trump’s inauguration, Bitcoin fell 25%, while Ether lost 46% of its value, with only gold and European stocks showing positive growth.

> If someone had shown you this chart of the best (and worst) performing asset classes since Trump’s inauguration, would you have believed them?

Thielen argued that news regarding a Bitcoin reserve could disappoint traders because the U.S. has yet to buy bitcoins, despite prior announcements. He referred to a recent executive order by Trump regarding Bitcoin reserves as merely “renaming the confiscated bitcoins.” Traders need tangible evidence of action taken on the Lummis bill to stimulate the market.

Thielen concluded by stating that although Bitcoin will recover over time, it will require a strong new narrative before this can happen.

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