10x Research has identified macroeconomic forces as the primary factor behind Bitcoin's recent downturn, dismissing concerns over quantum computing and AI sentiment as distractions. The firm highlights that MicroStrategy's recent $2 million Bitcoin sale is part of a strategic sell-down rather than a forced liquidation. MicroStrategy holds 843,706 BTC, with its equity value at risk if Bitcoin falls to $26,000, a level closely watched by institutional risk managers. Despite current market conditions, 10x Research asserts that Bitcoin is still in the bottom-formation phase, with a new bull market expected to emerge. The firm emphasizes that each bull cycle's end sees the departure of "evangelists," and a new bull market will require fresh participants and narratives to drive renewed interest.