Bitcoin Bear Market Bottom Could Come in August
The bear market for Bitcoin may have reached its bottom in August, according to a recent report from 10x Research. The company's founder, Markus Thielen, noted that a monthly close above $63,000 would turn several of their cycle indicators bullish. This would mark the end of the current bear market.
However, July saw Bitcoin close below this threshold, meaning the bear market may continue for at least one more month. 10x Research continues to favor long positions but warns that a break in key support levels and moving averages could shift their stance to neutral.
The report also highlights potential risks to the market, including further increases in interest rates and the ongoing Iran conflict. Additionally, miners may generate around 100,000 BTC of selling pressure as they transition towards artificial intelligence.