Amid the sharp declines in the cryptocurrency markets, investors are getting anxious, but Markus Thielen, the lead analyst at 10X Research, believes that the right time to buy Bitcoin has not yet arrived.

Following the recent sharp drops in the cryptocurrency markets, investors are questioning whether it is the right time to buy again. As uncertainty looms over whether Bitcoin will move towards $73,000, Markus Thielen, the lead analyst at 10X Research, thinks that it is not the right time to enter the market.

”MAJOR CRASH FOR MEMECOINS” Thielen had predicted the downward trend before the recent slump and maintains a similar view now. Emphasizing that a new bull market usually does not start swiftly after speculative market bubbles burst in the crypto scene, the analyst indicates that the current situation represents a major crash, especially for memecoins. According to Thielen, just like the extreme speculative growth seen in decentralized finance (DeFi) and NFT ecosystems after the 2021 bull market resulted in a major crash, a similar scenario is unfolding in this cycle.

”TIME TO BE CAUTIOUS, NOT COMPLACENT” The analyst noted the significant impact of this crash on the Solana (SOL) ecosystem, affecting not only SOL but also many related tokens. Thielen argues that the market is structurally weakening, thus caution is warranted. In a report published on Tuesday, he stated, “This structural decline indicates a weakening foundation. It is currently a time to be cautious, not complacent.” Nevertheless, without providing a clear signal on whether Bitcoin will resume its upward trend in the medium term, Thielen suggests that a strong narrative is necessary for a new bullish movement in the market historically. While Thielen acknowledges that Bitcoin could reach $73,000, he highlights the need for a different story to kick off a new upward wave in the market.