Is the bull run over? According to Markus Thielen of 10X Research, the answer is a resounding "No." Speaking at Consensus Hong Kong 2026, Thielen revealed that Bitcoin’s recent slide is the result of a "liquidity vacuum" and a derivatives trap that is finally reaching its boiling point.
🕳️ 1. The "Liquidity Vacuum" Zone
Remember the post-election surge in late 2024? BTC blasted from $70,000 to $90,000 in just 10 days.
The Problem: That move was so fast that trading activity was "sparse."
The Result: We left behind a structural gap with no buy orders to support a fall. Now that BTC has re-entered this zone, the price is falling through "thin air."
⛓️ 2. The "Negative Gamma" Trap
As BTC hit $75,000, the market entered a dangerous state called Negative Gamma.
This forced market makers to hedge by continuously selling futures as the price dropped.
It created a "vicious cycle" where selling triggered more selling, accelerating the move toward $60k.
🎯 3. The $60,000 Reversal
Thielen believes the "worst" is almost over. Once this final wave of negative gamma is digested at the $60,000 level, the structural pressure will vanish.
"As the last wave of negative gamma impact is digested at $60,000, the market situation may reverse." — Markus Thielen
💬 SHARE YOUR STRATEGY:
Is $60,000 the ultimate bottom, or are you waiting for lower?
1️⃣ Buying at $60k 🟢
2️⃣ Waiting for $55k 🟡
3️⃣ Panic Selling 🔴
Drop your vote in the comments! 👇
