10x Research: Bitcoin is still in the bottom-formation phase, and a new bull market will inevitably arrive.

10x Research (@10xResearch) published a post stating that the primary driver behind Bitcoin’s latest downturn is macroeconomic forces—not quantum computing threats or AI-driven sentiment fluctuations, both of which are mere noise. The market is digesting expectations that MicroStrategy is shifting from accumulation to selective selling; its most recent $2 million BTC sale was a probing move—part of a managed sell-down rather than a forced liquidation, a distinction critical in nature. MicroStrategy currently holds 843,706 BTC, corresponding to approximately $2.22 billion in debt and preferred stock obligations. Its equity value would hit zero at a BTC price of roughly $26,000—a threshold closely monitored by institutional risk managers. 10x Research notes that the market remains in the process of forming a bottom, though a new bull market will inevitably arrive. After each bull cycle ends, “evangelists” exit the stage in various ways; a new bull market requires fresh faces and new narratives to attract new buyers.