Bitcoin Bear Market May Be Entering Final Stretch by October
Bitcoin's price movement is being analyzed through historical patterns, suggesting it may be nearing the end of its bear market. A chart analyst tracking the cryptocurrency's four-year cycle believes a possible bottom could form as soon as October.
The current downturn began after Bitcoin's October 2021 high, putting it roughly on track to enter its final quarter of decline. This pattern is based on historical data dating back to prior cycles, which show Bitcoin moving through one year of bear market followed by three years of bull market.
Bitcoin has already reached the resistance zone of $66,230 to $76,640 for Q3, a level flagged in advance as the ceiling for this stage of the cycle. A rejection from resistance could open a path down toward $56,500, then $44,000, with $39,000 identified as a further downside target if selling accelerates.
Near-term levels to watch include support between $59,369 and $62,533, described as the key area to monitor heading into the weekly close. A separate resistance band between $64,922 and $66,227 is also being tracked as a ceiling for any short-term bounce, based on Fibonacci retracement levels drawn from the recent high.