Analysts at 10x Research have identified a potential turning point for Bitcoin, suggesting the cryptocurrency could signal the end of its current bear market if it closes above $63,000 in August. The firm’s technical analysis highlights the July close below this threshold as a key indicator, with further price movements, Federal Reserve policy shifts, and miner activity cited as critical factors influencing market positioning.
The report, shared with Cointelegraph earlier this month, notes that a monthly close near $63,000 could trigger bullish cycle indicators, though uncertainties remain around the impact of Fed rate decisions and macroeconomic conditions. Grayscale’s research team, in a July 22 report, suggested Bitcoin’s potential bottom could arrive later than traditional cycles, pointing to September or October as possible timelines.
Swan Bitcoin’s CEO, Cory Klippsten, has previously emphasised the role of long-term holder activity as a potential bottom signal, with data showing 14.7 million BTC held by such investors. Meanwhile, crypto brokerage K33 reported that over 50% of Bitcoin’s supply is currently held at a loss, a factor that could influence market sentiment if prices rise.
Miner activity remains a focal point, with estimates suggesting up to 100,000 BTC of selling pressure could emerge as networks adjust to evolving conditions. However, analysts caution that the timing of any recovery remains speculative, with differing views on whether August or later months will mark the turning point. External risks, including geopolitical tensions and Treasury yield fluctuations, are also cited as variables that could disrupt forecasts.
Written by Kate Harper
Economics Desk
