10X Research: Bitcoin Falls into Liquidity Trap Zone, Market May Reverse

10X Research CEO Markus Thielen stated at the Consensus Hong Kong conference: "After the November 2024 election, Bitcoin will rapidly rise from $70,000 to $90,000 in just 10 to 12 days. This process will have very sparse trading activity, creating a huge gap, a liquidity vacuum.

So when Bitcoin falls back to $87,000, it will drop into this liquidity trap. What happens next is that at the $75,000 level, a large amount of negative options gamma appears. This means that market makers must hedge and can only keep selling futures. As the final wave of negative gamma shock is digested at $60,000, the market situation may turn around."