Bitcoin’s Bear Market Could End This Month, Says 10x Research

Bitcoin might finally confirm the end of its bear market this August, but only if it closes the month above $63,000.

According to report from 10x Research founder Markus Thielen, who noted Bitcoin fell short of this level in July. With prices hovering near $63,140 when the report was written, only a small move higher could flip several of the firm’s cycle signals from bearish to bullish.

Fed Policy and Miner Selling Remain Wildcards

The firm expects the Federal Reserve to keep rates unchanged for now, though a further climb in the 10-year Treasury yield could push policymakers toward a rate hike come September. Adding to the uncertainty, the ongoing Iran conflict remains a wildcard. On the supply side, roughly 100,000 BTC in selling pressure could emerge as some Bitcoin miners pivot toward AI ventures, alongside possible unwinding from Bitcoin treasury firms.