According to 10x Research, Bitcoin could have found its bear market bottom in August. Zach Pandl, head of research at Grayscale, said in a July 22 report that the cycle low might rather occur in September or October, with macroeconomic conditions, particularly Fed policy, remaining the primary drivers of Bitcoin’s price. Crypto brokerage K33 reported in early July that more than 50% of Bitcoin’s supply was held at a loss, a threshold that historically preceded a market bottom within 13 to 31 days, as seen in 2017, 2018 and 2022. Swan Bitcoin CEO Cory Klippsten also noted that long-term holders held a record balance of 14.7 million BTC, signaling that a bottom was near.
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