Bitcoin May Find Bear Market Bottom in August, But Risks Remain
According to 10x Research, Bitcoin may find its bear market bottom in August. To confirm this, Bitcoin needs to close the month above $63,000. As of now, it's trading at $63,140.
The company's founder, Markus Thielen, stated that a monthly close near $63,000 would turn several of 10x Research's cycle indicators bullish. If this happens, they would favor long positions, but if Bitcoin breaks key support levels and moving averages, their stance would shift to neutral.
Miners could generate approximately 100,000 BTC in selling pressure as some miners transition their businesses toward artificial intelligence. Additionally, 10x Research expects more supply from Bitcoin treasury companies unwinding positions, with macroeconomic conditions being the larger risk to the market.