Bitcoin’s recent downturn has raised alarms among analysts, with 10X Research warning of a broader market collapse.
In a report published on March 11, Markus Thielen, the firm’s head of research, cautioned traders to prepare for further losses, predicting that Bitcoin could drop 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, emphasizing that losses can accelerate rapidly in deteriorating conditions.
Thielen pointed to striking similarities between the current market and past bull cycle peaks, particularly in 2017 and 2021, where excessive hype drove prices up before inevitable corrections. He highlighted the shift in dominant crypto narratives—from Ripple’s XRP in 2017 to Ethereum’s DeFi and NFTs in 2021, and now to Solana and meme coins in 2025—as a pattern of speculative booms followed by downturns.
Institutional Uncertainty Weighs on Bitcoin
Bitcoin has declined by 13.76% over the past week, with investor sentiment dampened by the Strategic Reserve Executive Order. The order signaled that authorities would hold previously seized Bitcoin rather than acquiring more, removing a potential source of institutional demand.
However, on-chain data suggests Bitcoin is at a pivotal point in its cycle, with key indicators mirroring past bull market peaks. Despite recent struggles, Bitcoin has rebounded 5.5% in the last 24 hours, currently trading at $83,000.
Solana Struggles to Maintain Key Support
Solana, another major cryptocurrency, has faced a sharp decline, now down 59% from its peak. The token is fighting to hold support in the $120-$130 range, with analysts warning that a breakdown below this level 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,” Thielen explained.
Liquidation Levels Could Determine Bitcoin’s Next Move
On-chain data from Binance’s BTC/USDT liquidation heatmap suggests that liquidity just south of the $75,000 mark could act as a key support level. Red liquidity clusters indicate heavy liquidation zones, meaning many leveraged traders may have stop-losses set in this range.
A sharp drop below this level could lead to cascading liquidations, amplifying volatility and potentially accelerating Bitcoin’s decline. Conversely, a strong bounce from these levels could mark a crucial turning point in Bitcoin’s trajectory.
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