10x Research: Maintains a tactical bearish stance, expecting Bitcoin to pull back to the $100,000 level.

[10x Research: Maintaining a Tactical Bearish Stance, Expecting Bitcoin to Pull Back to the $100,000 Level] 10x Research posted on the X platform, stating, “The upward momentum of Bitcoin has stalled. Beneath the surface, the key on-chain signals and derivation signals that once drove the market up are gradually weakening, institutional players are quietly tightening their risk exposure, while retail investors are still trapped in a breakeven dilemma. Our proprietary model indicates that the current phase may determine whether the market will reset — or restart the rise.” We have maintained a tactical bearish stance, expecting Bitcoin to pull back to the $100,000 level. Although short-term news has caused market volatility, our models indicate that Bitcoin's current trading price is approaching a key historical level — these levels often mark the turning points between bull market phases and pullback phases. Smart money is trading around these signals, following structured strategies and discipline; whereas those lacking guidance often miss opportunities (or suffer losses) in each cycle.