Bitcoin Price Pulls Back as CryptoCon Expects Another Low Before Bear Market Ends

The Bitcoin price has retreated after reaching resistance around $82,000, giving bears an opportunity to argue that the current market bottom is not yet complete. Analyst CryptoCon believes that this rejection is significant because it suggests that the cryptocurrency still hasn't broken through a major technical barrier.

CryptoCon uses the Fisher Transform indicator to track Bitcoin's market cycles and identify potential turning points. According to his chart, the indicator has rebounded considerably but is now testing the upper boundary of another descending structure. CryptoCon marks this attempt as 'no breakout,' indicating that he doesn't believe a new bull market has begun.

Despite the recent rally, which erased some of Bitcoin's losses from earlier this year and carried it back toward the $81,000-$83,000 area, CryptoCon still expects another low before the bear market is complete. He points to regular cycle timing, longer-term cycle-bottom data that he believes hasn't fully completed, and market psychology as reasons for his conviction.

Meanwhile, Washington has delivered potentially constructive news for crypto, with the CLARITY Act losing another source of organized opposition ahead of its September 15 Senate vote. The National Sheriffs' Association (NSA) has moved from opposing the legislation to a neutral position, removing another roadblock in the way of passage.