Bitcoin may find bear market bottom in August: 10x Research
Bitcoin may confirm a bear-market bottom in August if it closes the month above $63,000, according to 10x Research. July’s close was below the level needed to validate the technical bottom, but a small rise from current levels could flip several cycle indicators bullish. The firm still prefers long positions, but would turn neutral if Bitcoin loses key support and moving averages. Macroeconomic conditions remain the main risk. The base case is unchanged Fed rates, though higher 10-year Treasury yields could force a September hike. Geopolitical tension, especially the Iran conflict, adds uncertainty. 10x also sees potential selling pressure from miners shifting toward AI and from Bitcoin treasury companies unwinding positions. Other analysts are also calling for a bottom soon. Grayscale’s Zach Pandl said Bitcoin may have already bottomed earlier than the usual four-year cycle suggests, with macro policy likely deciding the timing. K33 and Swan Bitcoin cited loss-heavy supply and strong long-term holder accumulation as additional bottom signals.
