Bitcoin Faces Grim August Amid Divided Analyst Sentiment

Bitcoin's (BTC) August performance is expected to be bearish, according to analysts. Despite ending July on a positive note, rising over 7.36%, the cryptocurrency has historically struggled in August, with average returns of merely 1.1% since 2013 and a median return decline of -6.99%. Recent August performances have shown significant declines, including a 6.5% drop in 2025, an 8.6% fall in 2024, a 11.3% decline in 2023, and a notable 13.9% decrease in 2022.

The only major exception was in 2021 when Bitcoin saw a remarkable rally of 13.8%. At the moment, BTC is trading at $63,208, reflecting a modest increase of 0.2% in the last 24 hours. Retail sentiment on social media platform Stocktwits remains predominantly bearish.

Pseudonymous analyst PlanB suggests that Bitcoin is undergoing a 'bottoming process', noting that it finished July at around $62,800, close to its 200-week moving average. He also highlighted that the monthly Relative Strength Index (RSI) was below 50 and the realized price was decreasing.

Crypto analyst Michaël van de Poppe remains optimistic, asserting that the overall upward trend is still intact as long as Bitcoin remains above the crucial $60,000 support level. He has set an upward target at $83,000 and pointed out that compressed volatility across crypto markets could signal an impending breakout.