TechFlow news, March 12 — According to CoinDesk, Markus Thielen, analyst at 10X Research, stated in a report that the cryptocurrency market may face further downside pressure, forecasting Bitcoin could drop to $73,000. Thielen previously accurately predicted the recent market downturn and currently believes it is not yet the right time to "buy the dip."
The report notes that just as the DeFi/NFT bubble burst after the 2021 bull run severely impacted Ethereum, the collapse of the meme coin bubble in this cycle has damaged Solana and various related tokens. "This structural decline indicates weakening market fundamentals; now is the time for caution, not complacency," Thielen wrote in Tuesday's report.
The analyst believes Bitcoin is steadily moving toward $73,000 and added, "If history is any guide, the next major rally will require an entirely new narrative."
