BTC Climbs in July While Traders Eye 2022-Like Crash

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Bitcoin price gains approached 10% for the first two weeks of the month, but analysis warned of the bear market returning from August onward.

Bitcoin (BTC) is seeing its best month of July since 2022, but analysis warns that the result could be firmly bearish.

Bitcoin is nearing double-digit gains for July, but market reactions draw comparisons to 2022.

Bear-market patterns call for downside to resume next month before a Q4 bottom.
$70,000 remains a target for the current bounce.

Bitcoin’s last bear-market year, in 2022, saw price end July nearly 17% higher after significant 38% losses the month prior. What happened in August, however, showed that calls for bullish continuation at the time were premature. BTC/USD fell by around 14%, followed by a further 3% drop in September.

This time, market participants are thus predictably cautious over short-term price strength.

“$BTC Has been pretty much in line with its average July performance so far. But of course it is still early,” trader Daan Crypto Trades commented on the CoinGlass numbers in an X post on Saturday.

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

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