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# The Bull Rally Has Concluded; A New Story is Required for the Next One
A recent analysis from 10x Research implies it’s premature to purchase the plunge, forecasting Bitcoin will soon decrease to approximately $73,000. Markus Thielen, Chief Executive Officer and Chief Analyst at 10x Research, opines that the subsequent bull market necessitates a novel narrative.
10x ascribes much of the crypto market’s downturn to Trump-linked regulations and the failure of meme tokens:
> “Numerous retail traders presently possess portfolios laden with meme tokens, the majority of which are progressively diminishing to zero, with TRUMP spearheading the collapse under the burden of conjecture, akin to the wider market under the purported crypto president.”
## The Meme Token Frenzy
The analysis, disseminated on March 11, 2025, asserts that another speculative frenzy has dissipated. In 2021, it was the NFT/DeFi frenzy. Presently, it’s the meme token frenzy. Ethereum is no longer employed for meme tokens, and Solana-based and Pump.Fun tokens are experiencing substantial decreases.
The dissipation of the meme token frenzy has influenced other crypto market participants. Dogecoin, among the most established and well-known meme tokens, forfeited 33% of its valuation in February. The meme token market’s hemorrhaging has also undermined Bitcoin’s stance. The analysis articulates, “This structural downturn signifies weakening underpinnings, and it’s a juncture for prudence, not indifference. Bitcoin (BTC) is gradually advancing towards $73,000. If precedent is any indication, the subsequent major (upward) surge will mandate a fresh narrative.”
Intriguingly, notwithstanding the White House’s anticipated acceptance of cryptocurrency, BTC is declining, whereas gold is attaining new peaks amidst remarkably crypto-supportive headlines.
## Market to Persist Downward
On March 12, 2025, Thielen materialized on the Wolf of All Streets YouTube livestream to deliberate his analysis with host Scott Melker.
Even with the cryptocurrency market’s latest slump, particularly concerning meme tokens, Tilen foresees extra value declines. Whats Fueling the Rise in XRP, LINK, BONK, Jasmy, and Other Altcoins?
Cryptocurrency exchange-traded funds are experiencing consistent liquidations. Including to the unpredictability, Donald Trump’s risk to boost levies on Canadian vehicle imports by April second has actually produced complication amongst investors. This establishes assumptions for April yet leaves investors uncertain today. Furthermore, Tilen recommends that the Federal Reserve’s prepared rate of interest decreases might not take place up until summertime, extending the duration of unpredictability.
This adds to the continuous decrease in Bitcoin’s worth. When reviewing prospective purchasing possibilities, Tilen stated that he formerly acquired Bitcoin when it dropped to $73,000.
## Bitcoin’s “Information Deafness”.
Throughout a YouTube stream, Scott Melker explained that favorable records isn’t driving value rises. He pointed out the lately reintroduced Lummis Expense, which prompts the U.S. to acquire one million Bitcoin over 5 years. Melker kept in mind that such records would certainly usually trigger a rise in Bitcoin’s value. Nevertheless, the marketplace’s response has actually been lukewarm.
Along with the Lummis Expense, Melker stated the SEC going down situations versus cryptocurrency firms and also the general relaxation of cryptocurrency guidelines as favorable growths that aren’t relocating the marketplace. Melker defined this “information deafness” as a quality of a bear market stage.
Generally, Bitcoin’s post-inauguration course is far from bullish, contrary to what the records may recommend. Melker provided a graph revealing a 25% decrease in Bitcoin’s value and also a 46% loss for Ethereum because Trump’s inauguration. Numerous various other properties are additionally decreasing. The only victors are gold (up 7%) and also European supplies (up 10%).
This contrasts sharply with the information cryptocurrency investors are encountering in the media.
Thielen anticipates that the Bitcoin reserve announcements might frustrate cryptocurrency investors, given that Loomis initially referenced strategic Bitcoin reserves the prior year, yet the United States has not acquired any Bitcoin since. Thielen characterized Trump’s executive decree concerning Bitcoin reserves earlier in the month as “rebranding seized Bitcoin.” Thielen asserted that the populace requires “confirmation” to substantiate that this has transpired, several months following Loomis’s discourse on the legislation. Consequently, the announcements did not galvanize the marketplace.
Thielen suggested that the favorable response to the report that the February consumer price index touched 2.8% (anticipated 2.9%) was excessively hopeful, considering that a consumer price index surpassing 2.0% remains considerably elevated.
In summary, Thielen steadfastly maintains that Bitcoin will ultimately rebound, although, as the analysis indicates, this will solely transpire following the emergence of a fresh and compelling account.
