Despite stalling at its monthly peak of $67,000 earlier this week, the month of July has been very positive for the underlying cryptocurrency at the moment, showing a double-digit rally from early lows of under $58,000 to nearly $65,000 as of press time.
However, popular analyst Ali Martinez put forward a painful historical pattern that suggests the bears are poised to make a comeback in August.
Good July, bad August?
We know that historical performance rarely translates into successful price forecasts. However, BTC’s movements in July are largely in line with almost all previous July months. As such, Martinez’s warning must be carefully considered. analyst male That investors should “enjoy the current rally,” but stop and look at the seasonal trend.
He added that every August since 2022 has been in the red, which is confirmed by CoinGlass data. This string of four consecutive months of August with corrections brought some violent declines, such as a 14% decline in 2022 and an 11.3% decline the following year.
However, if we go back further in history, we can see that there were some promising exceptions during the eighth month of the year. Back in 2013, Bitcoin rose by 30%, while the 2017 version had a massive 65% increase. However, only three of the 12 last August were in the green zone.
Weakening support
Fellow analyst React Capital also commented on Bitcoin’s performance in July but outlined a different view. He acknowledged that the cryptocurrency has risen by double digits (although the percentage he cited differs from the percentage on CoinGlass), but said it is “a far cry from previous highs.”
This is because although Bitcoin defended the $60,000 support level and is now holding at around $65,000, the double-digit price pump in July came after a noticeably more painful month of June, in which the asset had… He landed By more than 20%. Therefore, the 11%-14% rise now cannot even offset the previous month’s losses. The analyst decided that this was a clear sign of “support gradually weakening over time.”
The next monthly candle close is slowly approaching
Under current conditions, Bitcoin is only up +14.5% from the historical demand zone of ~$60K
This is a far cry from previous highs which are a sign of support gradually weakening over time$ Bitcoin #encryption #Bitcoin https://t.co/Hu8UEadXjI pic.twitter.com/9K4cgPJQNl
— Rekt Capital (@rektcapital) July 24, 2026
this post Enjoy Bitcoin’s Rise Now, But Prepare for a Painful August: Analyst appeared first on CryptoPotato.
