The bitcoin price has been recovering since the low of $57,750 on Wednesday, July 1st. Analyst Vincent Ganne believes one final bottom is still needed to conclude the cyclical bear market, with the current duration of 295 days representing 81% of the historical average of 365 days. The Bitcoin Sharpe Ratio has not yet dropped below the -1.50 threshold, which historically signaled the end of previous bear markets. Bitcoin’s technical pattern mirrors the summer of 2022, suggesting the recovery could end around August 10th followed by a final downward leg. The bottoming base should form between $50,000 and $60,000.
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