Markus Thielen, analyst at 10X Research, said: "This is not the time to buy on the dip as BTC could fall into the $73,000 range, he believes that just as the speculative bubble in DeFI/NFT burst after the bull market of 2021, the collapse of Meme Coin punished many related tokens, the structural decline in the market indicates that fundamentals are weakening, now is the time for caution, not complacency, and the next major [upside] move will require a new narrative."