Bitcoin Analysts Divided Over August Rally or Correction to $83K

Bitcoin's August performance has been mixed, with analysts divided over whether it will see a deeper correction or rally to $83,000.

The cryptocurrency ended July up 7.36%, but historically August has been one of the weaker months for Bitcoin, averaging a return of just 1.1% and having a median return of -6.99% since 2013.

Pseudonymous analyst PlanB says that Bitcoin is in a 'bottoming process', pointing out that previous market bottoms have taken anywhere from one to three months to form.

However, Crypto analyst Michaël van de Poppe believes the wider uptrend remains intact as long as BTC stays above the $60,000 support level, with an upward target of $83,000.