Bitcoin may find bear market bottom in August: 10x Research
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- 10x Research says Bitcoin may find its bear market bottom in August based on monthly RSI analysis
- Grayscale head of research Zach Pandl said in a July 22 report Bitcoin may have bottomed earlier than the traditional four-year cycle would suggest, which would place the cycle low in September or October
- K33 said more than half of Bitcoin's supply was held at a loss, which it called another indication a market bottom was approaching
- Bitcoin historically bottomed within 13 to 31 days of the same 50%-supply-at-loss threshold being reached in 2017, 2018 and 2022, per K33
- Swan Bitcoin CEO Cory Klippsten told Cointelegraph in a June interview that long-term holders' record balance of 14.7 million BTC was another indication Bitcoin was nearing a bottom
- Pandl said macroeconomic conditions, including Fed policy, would remain the primary drivers of Bitcoin's price and could determine when it bottoms
- A Strategy-led group pledged $15 million to quantum-proof the Bitcoin network
Why it matters: Four independent firms — 10x Research, Grayscale, K33 and Swan Bitcoin — are simultaneously flagging bottom indicators (monthly RSI, 50%+ supply at loss, 14.7M BTC in long-term holders), adding weight to the bottom call. But Pandl explicitly named Fed policy as the swing variable, meaning a dovish surprise could confirm the floor while hawkish action could invalidate it.
