Bitcoin Bear Market Bottom Predicted for August

10x Research predicts Bitcoin may have found its bear market bottom in August. According to the company's report, if Bitcoin closes the month above $63,000, several of their cycle indicators will turn bullish.

The monthly closing price is a key threshold for confirming a technical bottom. As of now, Bitcoin is trading at around $63,140, which means it needs only a small gain to trigger this reversal signal.

However, the company also highlights potential risks, including further increases in interest rates and the 10-year Treasury yield, as well as the unpredictable Iran conflict.

The report mentions that miners could generate around 100,000 BTC of selling pressure due to shifting business models towards artificial intelligence. Additionally, Bitcoin treasury companies are expected to unwind positions, but this is seen as a smaller risk compared to macroeconomic conditions.

Grayscale head of research Zach Pandl also believes that Bitcoin may have bottomed earlier than the traditional four-year cycle would suggest, potentially placing the cycle low in September or October.