Bitcoin Bear Market Bottom Could Come in August, 10x Research Predicts

Bitcoin's potential bear market bottom could be confirmed as early as August, according to research from 10x Research. The company's founder, Markus Thielen, said in a report that a monthly close above $63,000 would turn several of their cycle indicators bullish.

The current price of Bitcoin is around $63,140, meaning the cryptocurrency only needs a small gain from its July closing level to trigger this reversal signal. However, 10x Research cautioned that further increases in the 10-year Treasury yield could lead to a September rate hike, and that miners could generate significant selling pressure as some shift their businesses toward artificial intelligence.

Grayscale head of research Zach Pandl said earlier in July that Bitcoin may have already bottomed, citing macroeconomic conditions including Fed policy as key drivers of the cryptocurrency's price. A similar view was shared by K33, which noted that more than half of Bitcoin's supply is currently held at a loss, a threshold that has historically preceded market bottoms.

Swan Bitcoin CEO Cory Klippsten also pointed to long-term holders' record balance of 14.7 million BTC as an indication that the market is nearing a bottom.