Bitcoin price gains nearly 10% in July, but traders still see BTC copying 2022 bear market
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- Bitcoin gained 9.5% in the first two weeks of July, marking its strongest July performance since 2022, according to CoinGlass data.
- Daan Crypto Trades noted that Bitcoin’s Q3 performance historically lags, with average gains of just 6% due to low summer liquidity and trading volumes.
- Rekt Capital observed that Bitcoin’s 2024 price trajectory mirrors prior bear markets, forecasting a reversal in August that erases July’s gains ahead of a Q4 bottom.
- Peter Anthony identified $70,000 as a key target for the current price bounce, while another trader highlighted $67,000–$73,000 as a potential short entry zone.
- Cointelegraph reported that onchain indicators are flashing bear-market bottom signals for the first time in four years, though overall demand shows only partial recovery.
Why it matters: Traders are positioning for a repeat of 2022’s pattern where a strong July was followed by sharp August losses, meaning short-term gains could mislead investors into holding through an impending downturn. The $70,000 target offers a clear exit point for bulls if historical seasonality holds.
