Bitcoin Bear Market May Nearing Final Quarter

Bitcoin's bear market may be nearing its final stretch according to chart analyst who points to a possible bottom forming as soon as October. This conclusion is based on the cryptocurrency's historical four-year cycle, which has seen roughly one year of bear market followed by three years of bull market.

The current downturn began after Bitcoin's October 2022 high, putting it roughly on track to enter its final quarter of decline. The analyst notes that Bitcoin has already reached the full $66,230 to $76,640 resistance zone for Q3 and a rejection from this level could open a path down toward $56,500, then $44,000, with $39,000 identified as a further downside target.

Near-term levels to watch include support between $59,369 and $62,533, which the analyst describes as the key area to watch 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.

The analyst also points out that seasonal patterns show August and September have historically been weak months for Bitcoin during past bear market years, while July has typically been the strongest month of any bear market year. Additionally, a separate cycle-tracking tool used by the analyst identifies a dominant 260-day rhythm in Bitcoin's price action, which correctly flagged a cycle top forming in late May.