Hilbert Group chief investment officer Russell Thompson said funding pressure in AI and semiconductor markets could trigger margin calls, potentially forcing investors to sell non-core assets such as Bitcoin, according to a November 10, 2026 report from TechFlow citing Hilbert Group.
Short-term downside scenario
In his November 9 trading commentary, Thompson described Bitcoin’s short-term technical outlook as bearish. He identified approximately $71,900 as important trendline support. If Bitcoin broke below that level, he said $65,000 could become the next downside target.
He also saw limited support around $70,000 beyond its significance as a round-number level. These were Thompson’s conditional technical assessments, not a report that Bitcoin had breached support or reached either downside level.
Medium-term optimism depends on deleveraging easing
Thompson remained relatively optimistic about Bitcoin’s medium-term outlook. He suggested that, once deleveraging ended and markets calmed, some capital leaving AI and technology investments could flow back into crypto markets.
His outlook therefore distinguished between potential near-term selling driven by margin pressure and a possible later return of capital. That recovery scenario depended on deleveraging subsiding and market conditions stabilizing.
Original source: TechFlow, published November 10, 2026, at 08:19:50 (UTC+8), covering Thompson’s November 9 commentary.