Bitcoin is in a precarious position, with 10X Research warning that the market is showing signs of a broader collapse.
In a report published on Mar. 11, Markus Thielen, the firm’s head of research, cautioned traders to brace for further downside, forecasting that Bitcoin could slide to $73,000.
"This is a critical time when risk management, recognizing historical parallels, analyzing chart patterns, and closely monitoring market structure becomes essential," Thielen wrote. He stressed that losses can accelerate quickly in deteriorating conditions, urging investors to proceed with caution.
Thielen pointed out that the current cycle bears striking similarities to the end of the previous crypto bull market. He compared today's situation to the market conditions seen in 2017 and 2021, where loudest promoters hyped the market with catchy slogans, fueling promises of unlimited upside—only for volatility to be reframed as a feature when prices collapsed.
"In 2017, Ripple’s XRP surged to become the second-largest cryptocurrency by market cap," he noted. "Yet in the 2021 Bull Run, XRP failed to reclaim that position. The same pattern is now emerging with Ethereum, as market narratives have evolved from payments in 2017 to DeFi/NFTs in 2021, and now to meme coins in 2025—each cycle bringing a new hype wave, shifting from Ripple to Ethereum to Solana."
Over the past seven days, the price of Bitcoin has dropped by 13.76% compared to a month ago.
The Strategic Reserve Executive Order , which stressed keeping previously seized Bitcoins rather than plans to purchase more, has likely been the primary cause.
The lack of new institutional buying pressure has dampened investor sentiment, resulting in selling pressure.
However, on-chain data and Bitcoin's price action point to a pivotal turning point in the present market cycle, which has eerie similarities to past bull market peaks.
At the time of writing, Bitcoin is hovering at $83,000 and has been up by 5.5% in the last 24 hours.
Solana faces key support levels
Thielen also highlighted Solana's sharp decline, noting that it is currently down 59% from its peak. The cryptocurrency is now struggling to hold support in the $120-$130 range, and a break below could trigger further losses.
"It’s not just the macro backdrop that feels familiar—where the Fed turned hawkish near the peak of the Bitcoin cycle—but also the micro dynamics, as key narratives fade," he explained.
On-chain data suggest new support level
The Binance BTC/USDT liquidation heatmap showing an area of liquidity just south of the $75,000 mark, which could prove to be a significant level of support.
At the same time, the red liquidity clusters show areas with very high amounts of liquidation , suggesting that many leveraged traders will have their stop-losses or liquidations set at this level.
On the other hand, a breakdown below this region could trigger cascading liquidations, which would amplify near-term volatility.
Disclaimer: The information provided is for educational purposes only and should not be considered financial advice. Digital assets are speculative and subject to risk. The information provided is for educational purposes only and should not be regarded as financial advice.
