Amid sharp declines in the cryptocurrency markets, investors are worried about whether it’s the right time to buy again. The uncertainty regarding whether Bitcoin will reach $73,000 continues as Markus Thielen, the chief analyst of 10X Research, believes that it’s not the right time to enter the market yet.

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

“TIME TO BE CAUTIOUS, NOT COMPLACENT” The analyst noted that the Solana (SOL) ecosystem was seriously impacted by this crash, affecting not only SOL but also many associated tokens. Thielen argues that the market structurally weakened, hence caution is warranted. In a report published on Tuesday, he stated, “This structural decline indicates a weakening foundation. It’s time to be cautious, not complacent.” Moreover, while Thielen does not provide a clear signal on whether Bitcoin will rise again in the medium term, he says that a strong narrative is needed historically for a new upward movement in the market to occur. Thielen suggests that while reaching $73,000 is possible for Bitcoin, a different story is required for a new wave of growth to begin in the market.