This Toro race is over; The next one will not happen until the new narrative arrives

A new 10x Research report suggests that it is too early to buy a dip, since bitcoin is aimed at around $ 73,000 soon. The next execution of Toro will require a new narrative, according to Markus Thielen, a CEO and the 10x Research main analyst.

10x puts a substantial part of the fault of the collapse of Trump's collapse and memecoins:

“Many retail investors now have portfolios full of meme coins, most of which are in a slow march for zero with Trump leading the road under the weight of speculation, as well as the widest market under the so -called cryptographic president.”

Memeño bubble

The report was published on March 11, 2025. According to him, another speculative bubble has exploited. In 2021 it was the nft/Defi bubble. This time is a memecoins bubble. ethereum is no longer used for Memecoins, while solana-based coins and Pump.Fun are in a severe decrease.

The explosion of the memecoins bubble affected other actors in the cryptography market. One of the oldest and most popular memecors, Dogecoin, lost 33% of its price in February. The bleeding of the Memecoin market also undermined bitcoin's position. According to the report, “this structural decrease indicates a basis for weakening, which makes it now a moment of precaution, not complacency. bitcoin (btc) is constantly directed towards $ 73,000. If the history is a guide, the next major movement (UP) will require a new narrative. ”

Interestingly, the decrease in btc is carried out in the midst of the long -awaited hug of cryptography by the White House, while the gold price reaches new heights in the middle of the incredibly cryptographic classes of the clash.

The market will continue to decrease

On March 12, 2025, Thielen appeared in a wolf from all the streets of YouTube Stream, That is discussed Your report with host Scott Melker. Although the encryption market has already gone through a serious decrease, especially when it comes to Memecoins, Thielen says that prices will continue to decrease.

Cryptographic ETFs are sold continuously. At the same time, Donald Trump threaten Canada will increase rates in automatic imports on April 2, which creates a sense of chaos and disorientation among merchants. It establishes expectations for April, but leaves uncertain merchants today. More than that, Thielen said that the new tariff cuts by the Fed are not expected until summer. Stretch the period of uncertainty even more.

That is why bitcoin's price will continue to fall. Speaking about the level that can be considered a true fall, Thielen said that btc had bought, since it falls to $ 73,000.

The news does not drive bitcoin

During the YouTube transmission, Scott Melker said the price does not rise despite many good news. He quotes the recent reintroduction of the Lummis bill that urges the USA to buy one million bitcoins in five years. The bill has entered the Congress. Melker says that in the past, such news would definitely have sent bitcoin. However, what we see these days is rather a warm reaction.

In addition to Lummis Bill News, Melker mentioned that the SEC dropped a case against cryptographic companies after another and the general loosening of cryptographic regulation as the good news that, for some reason, it does not drive the market these days. Melker described the surprise of the market as a characteristic of a bearish phase.

In general, the path after bitcoin's insulgation has been far from optimistic, contrary to what seems to be due to the news. Melker provided a chart that showed that after the inauguration of Trump, bitcoin fell 25% and Ether lost 46% of its value. Many other assets were also in decline. The only two winners are gold (with 7%) and 10%European shares. This may seem quite the opposite of what the cryptographic merchant reads in the news.

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Thielen argued that the news of the bitcoin reserve can be disappointing for cryptographic merchants, as Lummis said for the first time about the bitcoin strategic reserve last year, and since then, the United States has not yet bought Bitcoins. Thielen referred to an executive order of bitcoin reserve signed by Trump earlier this month as “renamed the confiscated bitcoins.” According to Thielen, the public needs “evidence” that something was done months after Lummis talked about the bill. That is why the news cannot turn on the market.

Thielen said the positive reaction to The news That the February CPI reached 2.8% against 2.9%, as expected, is too optimistic since the CPI over 2.0% is still quite high.

However, Thielen has no doubt that bitcoin will recover over time, but as mentioned in the report, it will not happen until the new strong narrative arrives.