10x Research Analysts: Bitcoin Bear Market May End in August

10x Research believes that Bitcoin is just one step away from signaling the end of the bear market. If the price of Bitcoin closes above $63,000 at the end of August, several key cyclical indicators will issue bullish signals, increasing the likelihood of a new phase of market growth. Analysts warn that Bitcoin's trajectory is dependent on macroeconomic factors, and selling pressure from miners could hinder price growth. Marcus Tielen, the founder of the company, states that Bitcoin failed to close above this level at the end of July, and final confirmation for a price bottom has not yet been issued. The analysts at 10x Research will maintain a buying strategy as long as support levels are upheld. This report considers the main scenario to be the Federal Reserve keeping interest rates steady, but warns that rising yields on 10-year U.S. Treasury bonds could strengthen the likelihood of another rate hike in September. Tensions related to Iran have also been cited as one of the unpredictable risks in the market. 10x Research estimates that Bitcoin miners have the capacity to create selling pressure equivalent to 100,000 Bitcoins. Zach Pendle from Grayscale has also stated that Bitcoin may have reached its cycle bottom earlier than the traditional pattern. The brokerage K33 reported that more than half of the Bitcoin supply is currently in a loss position.

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