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10x Research Analysts Warn of Bear Market Signs for BTC
Analytics firm 10x Research has released a report on the current state of the Bitcoin (BTC) market and a possible transition into a bear phase. Experts noted that the past three weeks have shown worrying signals, especially after the October 10 crash, during which roughly $6 billion in positions were liquidated. This event was accompanied by unusual investor behavior and a shift in tone from Federal Reserve Chair Jerome Powell, who hinted at a more cautious approach toward a potential December rate cut.
The analysts emphasized that regulation is no longer viewed as a key growth driver, since spot Bitcoin ETFs have already been approved. The main risk for the market now lies in the decline of capital inflows and an increase in profit-taking activity. When demand no longer offsets selling pressure, the bullish trend naturally slows, and the market enters a consolidation phase.
According to 10x Research, it is important to closely monitor on-chain metrics, market structure, and liquidity movements.These indicators help determine whether Bitcoin is in an accumulation phase or shifting into a correction.
The team also pointed out that the current scenario may be temporary, as several potential growth catalysts are visible on the horizon — expected by the end of the year and early 2026.
The analysts provided a detailed review of charts, flow volumes, and key market indicators used to identify market phases.
Among them are the dynamics of ETF inflows, activity of large holders, derivatives data, and investor sentiment indicators. Special attention was given to the reaction of institutional investors and the changing structure of demand in spot markets.
According to 10x Research experts, Bitcoin maintains fundamental resilience despite short-term weakness in price charts.
The baseline scenario suggests a moderate decline in volatility and the formation of a base for future growth.
However, the analysts warned that in the coming weeks, the market will remain sensitive to macroeconomic news and Federal Reserve policy.
