As the cryptocurrency market continues to experience significant price declines, new insights from 10x Research have sparked debates among traders, analysts, and investors. In a recent report released on March 11, 2025, the research team concluded that the ongoing bull run is over and that the next one won’t happen until a fresh narrative emerges to spark renewed investor interest. The report highlights the role of memecoins, Trump’s policies, and macro uncertainties in pushing the crypto market into its current downturn.
The market’s weak performance has raised questions about the future trajectory of Bitcoin, Ethereum, and other major crypto assets. Markus Thielen, CEO and lead analyst at 10x Research, is particularly cautious, urging investors to resist buying the dip just yet. According to Thielen, Bitcoin could soon be heading towards $73,000, but that won’t necessarily mark the start of the next bull market.
A New Report Signals a Bearish Market Outlook
In its latest research report, 10x Research points to a combination of factors contributing to the ongoing market decline. Among the key factors, the collapse of memecoins and Donald Trump’s crypto policies have played significant roles in the current market conditions. Thielen’s analysis suggests that many retail investors now find themselves heavily invested in meme coins, which have been on a slow but steady march toward zero value, leaving the broader market vulnerable.
Thielen doesn’t mince words, calling out Trump’s policies as a major contributing factor:
“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.”
The report notes that memecoins were one of the most speculative segments in the market, and their collapse has had far-reaching consequences. Ethereum, once a major hub for memecoins, is no longer seeing the same level of activity in this sector. Meanwhile, coins based on Solana and Pump.Fun are experiencing significant declines, further pressuring the overall market.
What’s Next for Bitcoin? Heading Towards $73,000
Despite the ongoing decline, Bitcoin remains a key point of interest. Thielen points to $73,000 as a potential support level, suggesting that Bitcoin could find its bottom there before a possible rebound. However, he emphasizes that this does not signal the start of the next bull run. As of now, Thielen believes that Bitcoin’s recovery will not occur until the market embraces a new, strong narrative that resonates with investors and restores confidence in the asset class.
This level of caution is fueled by the larger macroeconomic landscape, including uncertainty around rate cuts by the Fed and global political tensions. Thielen suggests that Bitcoin’s current decline will persist for the foreseeable future as the market absorbs these shocks.
“Bitcoin is steadily heading toward $73,000. If history is any guide, the next major (up) move will require a new narrative.”
Memecoins’ Bubble Bursts: A Warning Sign for the Market
The memecoin bubble has undoubtedly played a crucial role in the current market downturn. After reaching peak speculative levels in 2021, the collapse of this bubble has contributed to a broader structural decline across the crypto market. Thielen’s report highlights that Dogecoin, one of the oldest and most popular memecoins, saw a 33% loss in February alone. This sharp decline in memecoin prices further undermines the position of Bitcoin, which has also struggled to maintain momentum.
Thielen’s concern is that the memecoin collapse is more than just a temporary dip—it signals a weakened foundation for the entire crypto ecosystem. He warns that Bitcoin and other major cryptocurrencies are facing increasing challenges due to the speculative and unsustainable nature of many altcoins, especially meme-based ones.
The Bitcoin ETF and Trump’s Impact on Crypto Sentiment
While the crypto market faces a slowdown, it’s important to note that the political and regulatory landscape has also influenced sentiment. Thielen references the recent introduction of the Lummis bill, which proposes that the U.S. government acquire 1 million BTC over the next five years. This news, in theory, would be a bullish catalyst for Bitcoin, but Thielen points out that the market’s reaction has been lukewarm at best.
Despite positive headlines surrounding Bitcoin ETFs and crypto regulation, the market has remained largely indifferent to these developments. Thielen argues that the news-deafness exhibited by the market is characteristic of a bearish phase, where positive developments fail to spark significant price action.
Additionally, Thielen criticizes the Bitcoin reserve plans, particularly under the leadership of Donald Trump, calling the executive order on Bitcoin reserves nothing more than an exercise in rebranding confiscated coins. The lack of concrete action following the announcement of the Bitcoin reserve has led many traders to become disillusioned with the idea.
Market Decline Continues Amidst Economic Uncertainty
The broader macroeconomic conditions are not helping matters either. While gold has reached new highs, signaling investor concerns about traditional markets, crypto assets remain under pressure. According to Thielen, Bitcoin and other cryptocurrencies are experiencing a slow and sustained decline, primarily due to the ongoing rate hikes by central banks, political instability, and global trade tensions.
Thielen highlights the recent tariff threats between the U.S. and Canada as adding further uncertainty to the market, which has already been battered by regulatory pressures and macroeconomic instability. With rate cuts by the Federal Reserve not expected until summer 2025, the uncertainty period is likely to extend further, keeping crypto assets under pressure in the short term.
Bitcoin’s Long-Term Recovery: New Narrative Needed
While the near-term outlook remains bleak, Thielen is still optimistic about Bitcoin’s long-term prospects. He acknowledges that Bitcoin has the potential to recover over time, but only once the market is presented with a new, compelling narrative that restores investor confidence. This new narrative could emerge from a combination of factors, including global regulatory clarity, institutional adoption, or even new technological advancements within the blockchain space.
Until such a narrative emerges, however, Thielen urges caution and advises against expecting a major rally in the near future. His research concludes that the current market is not yet ripe for significant price movements, and investors should be prepared for a prolonged period of uncertainty and consolidation.
Key Takeaways for Crypto Investors
- Bitcoin is currently on a path to potentially $73,000, but it is not yet time for a strong recovery.
- The memecoin bubble has burst, and the speculative nature of these assets has weakened the broader market.
- Trump’s policies and macro uncertainties are contributing to ongoing market instability.
- Positive news, such as the Lummis bill, has failed to drive significant price action, indicating a bearish sentiment.
- Investors should exercise caution and avoid buying the dip prematurely, as the next bull run will require a new narrative to regain momentum.
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