Bitcoin price gains nearly 10% in July, but traders still see BTC copying 2022 bear market

Bitcoin (BTC) is seeing its champion period of July since 2022, but investigation warns that the effect could beryllium firmly bearish.

Key points:

• Bitcoin is nearing double-digit gains for July, but marketplace reactions gully comparisons to 2022.
• Bear-market patterns telephone for downside to resume adjacent period earlier a Q4 bottom.
• $70,000 remains a people for the existent bounce.

Analyst sees BTC terms "picking up" for remainder of July earlier reversal

Data from CoinGlass shows that astatine 9.5%, BTC/USD is mounting a four-year grounds for July gains.

Bitcoin’s past bear-market year, successful 2022, saw terms extremity July astir 17% higher aft important 38% losses the period prior. What happened successful August, however, showed that calls for bullish continuation astatine the clip were premature. BTC/USD fell by astir 14%, followed by a further 3% driblet successful September. 

This time, marketplace participants are frankincense predictably cautious implicit short-term terms strength.

“$BTC Has been beauteous overmuch successful enactment with its mean July show truthful far. But of people it is inactive early,” trader Daan Crypto Trades commented connected the CoinGlass numbers successful an X post connected Saturday.

Daan Crypto Trades noted that adjacent taking bull markets into account, Q3 is Bitcoin’s weakest quarter, with mean gains of conscionable 6%.

“This has to bash a batch with dilatory markets, debased liquidity and volumes during the Summer time,” helium added.

BTC/USD monthly returns (screenshot). Source: CoinGlass

Also acrophobic astir seasonality is trader and expert Rekt Capital, who notes that BTC terms show successful 2026 is matching its erstwhile carnivore markets closely.

“If past repeats, things are apt going to prime up for Bitcoin and its Summer alleviation rally successful the 2nd fractional of July,” helium told X followers this week.

BTC/USD one-month chart. Source: Rekt Capital/X

As Cointelegraph reported, Rekt Capital sees August canceling retired this month’s gains successful mentation for a classical bear-market bottommost aboriginal successful the year.

$70,000 connected the radar for July BTC terms bounce

Other marketplace participants are meantime preparing targets for the remainder of July, with $70,000 becoming popular.

Related: Bitcoin returns to $64.3K with caller 3-week BTC terms highs imminent

“Interesting fewer days ahead,” Peter Anthony, creator of the House of Crypto YouTube channel, forecast portion analyzing the regular chart.

Another trader eyed the country betwixt $67,000 and $73,000 for a abbreviated entry, besides predicting a “bullish July, past Bearish August until Q4.”

“Q4 is erstwhile the existent volatility takes spot for BTC (both directions),” Daan Crypto Trades concluded. 

Earlier, Cointelegraph flagged aggregate onchain indicators present flashing bear-market bottommost signals for the archetypal clip successful 4 years.

Overall demand, meanwhile, has shown lone partial signs of recovery.