PANews reported on January 30 that 10x Research analyzed that Bitcoin may face a supply crunch, although the market still lacks key market structure data support. They pointed out that there are currently many positive signals in the market, including on-chain data, seasonal trends, breakthrough indicators, the Chinese New Year effect, neutral Federal Reserve policy, and a crypto-friendly president. However, these factors have not yet resonated with the market structure.

In addition, 10x Research also mentioned that in the current bull market, it has become increasingly difficult to obtain stable returns through altcoins. Altcoins performed strongly only during the period from the US election on November 5 to the employment report on December 6/9, and then the hawkish statement of the Federal Reserve in mid-December put pressure on the market.