10x Research analysis suggests that BTC may face supply tightening, despite the market still lacking key market structure data support. They point out that there are currently multiple positive signals in the market, including on-chain data, seasonal trends, breakout indicators, Chinese New Year effects, neutral Fed policies, and a president who is friendly to encryption. However, these factors have not yet resonated with the market structure.

In addition, 10x Research also mentioned that it has become increasingly difficult to obtain stable returns through altcoins in the current bull market. During the period from the US election on November 5th to the employment report on December 6th/9th, altcoins performed well, but the market came under pressure after the hawkish statements of the Federal Reserve in mid-December.