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Experts Say Crash Far from Done, BTC Headed for $70K: Bull Run Over?
- 10X Research CEO Markus Thielen sees the current memecoin focus as a potential market top signal, similar to DeFi and NFTs in previous cycles.
- Nansen analyst Aurelie Barthere suggests Bitcoin could test US$70-72k as part of a normal bull market correction.
- RealVision CEO Raoul Pal describes this as “just a regular correction” due to liquidity tightening from a stronger dollar.
- Pal points to Bitcoin’s continued progress along the logarithmic regression channel as evidence the bull market remains intact.
Crypto prices may look like they’re set for a recovery, as Bitcoin has gained 2.2% in the past day, and XRP is up on news about a Fidelity ETF filing.
Yet, something is brewing. 10X Research founder and CEO Markus Thielen recently noted the possibility of significantly lower prices, indicating that he is not yet ready to buy the dip.
Is This the Cycle Top? Analyst Says, It Feels Like It
Thielen believes that just like DeFi and NFTs in past cycles—where they marked the end of the bull run—the current focus on memecoins could be a top signal.
This structural decline indicates a weakening foundation, making now a time for caution — not complacency. Bitcoin (BTC) is steadily heading toward $73,000 […] If history is any guide, the next major [up] move will require a new narrative.
Markus Thielen And Bitcoin could go lower still, and it wouldn’t even need to be the end of the bull market yet, according to Aurelie Barthere, a lead analyst at Nansen.
Related: Analysts: Real Reason Why Market Crashed and Why It Doesn’t Matter
Barthere told Cointelegraph that there is potential for US$70k (AU$111.3k) Bitcoin, but it might just be the “organic part of the current bull market”.
Next level [for Bitcoin] will be $71,000 – $72,000, top of the pre-election trading range. We are still in a correction within a bull market: Stocks and crypto have realized and are pricing; a period of tariff uncertainty and fiscal cuts, no Fed put. Recession fears are popping up.
Aurelie Barthere Just a Regular Correction, Agrees Pal
Founder and CEO of RealVision, Raoul Pal, seems to agree with this view and that the bull market isn’t over.
He said that the market is “feeling the tightening in liquidity from the stronger dollar and higher rates in Q4 2024”, though he believes we’re behind the worst.
That is almost done and financial conditions are easing fast and M2 is headed back to new highs. This is just a regular correction.
Raoul Pal On X, he referred to previous cycles where similar corrections happened in reaction to Trump policy implementations.
Pal uses the log chart to zoom out and note that we “keep climbing the log regression channel”.
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Related: US Crypto Legal Update: Stablecoins, Trump Debanking Order and IRS Crypto Rule
So, in his view, the bull market is not cancelled – though that’s what everyone else was saying at the end of the last cycle.
Whether we stay at the m[e]an (red) or climb above it by another standard deviation or two remains to be seen as the cycle develops.
Raoul Pal 
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
