Bitcoin Analyst Sees Bigger Bounce Toward $70,000

Bitcoin's recent pullback after its strong July performance has analysts reevaluating their predictions for the cryptocurrency. One analyst believes that the current dip could still be a corrective move rather than the start of a new decline in this bear market.

July is typically considered one of the strongest months for Bitcoin during a bear market year, averaging around 10% gains. The cryptocurrency's move into the $66,200 to $76,600 resistance zone followed this seasonal pattern closely before getting rejected. Currently, support sits between $59,317 and $62,530, with price spending time above the upper boundary of that zone over the weekend.

As long as the support area continues to hold, another bounce toward resistance in the $69,000 to $72,000 range remains a possibility. However, if the zone breaks, the next leg lower in this bear market could begin sooner than expected.