Thielen Says Options Trading Has Made Bitcoin’s Sharpest Rallies Less Common

Markus Thielen, founder of 10x Research, says institutional call-option selling and profit-taking by large Bitcoin holders have made the asset’s sharpest rallies less common, while he still projects $90,000 by year-end 2026. Thielen projects Bitcoin (BTC) at $90,000 by year-end 2026, though he sees a possible drop into the mid-to-high $70,000s first. He ties the less frequent sharp surges to institutional traders selling call options after prices rise and to large holders taking profits. He described each cycle as bringing a different set of promoters and investors.