Bitcoin Bear Market Bottom May Come in August: 10x Research
Bitcoin may have found its bear market bottom in August according to 10x Research. To confirm this, Bitcoin needs to close above $63,000 in the coming month. The research firm's founder Markus Thielen notes that July closed below this threshold, but a relatively small gain from the current price could trigger a reversal signal.
The company has been favoring long positions, but would shift to a neutral stance if Bitcoin breaks key support levels and moving averages. Additionally, miners may generate around 100,000 BTC of selling pressure as some switch their businesses towards artificial intelligence. This is in addition to potential supply from Bitcoin treasury companies unwinding positions.
Grayscale head of research Zach Pandl recently stated that Bitcoin may have bottomed earlier than the traditional four-year cycle would suggest. He believes macroeconomic conditions, including Federal Reserve policy, will remain key drivers of Bitcoin's price and determine when it bottoms out.