Bitcoin's Potential Passage Through Bear Market Raised

Bitcoin (BTC) has been suggested to have possibly passed through the 'worst phase' of the bear market after falling to $57,700 at the end of June. However, the debate over whether this low point marks the beginning of a trend reversal or a temporary bounce still exists. According to a report released by BIT on July 17, the flow of Bitcoin aligns with previous forecasts, but it is too early to determine if the market has truly formed a bottom. BIT analyzed that Bitcoin has entered an 'Elliott Wave' A-B-C corrective pattern starting from October 2025, predicting a rebound to $80,000 to $90,000 after a drop to between $60,000 and $69,000. In fact, Bitcoin rebounded to $82,000 after plummeting from $97,000 to $62,900 in February this year, but then fell again to reach $57,700. The backdrop for the decline has been attributed to tensions between the U.S. and Iran, as well as changes in U.S. monetary policy. However, not all analyses agree on the formation of a bottom, and CryptoQuant's IT Tech raised caution based on the flow of Bitcoin spot ETF funds. Approximately 120,000 BTC have been net withdrawn this year, reversing the flow, and it pointed out that with ETF demand gone, expecting a bullish trend is difficult. Recently, Bitcoin recovered to $65,000 following the U.S. Consumer Price Index (CPI) announcement, but it is currently trading around $63,000, which is still over 50% lower than its all-time high.

Disclaimer: This content is provided for general branding and informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online events, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets or to use any services. Crypto assets are highly volatile and may result in loss. WEEX services and online events may not be available in all regions and are subject to applicable laws, regulations, and eligibility requirements. You are responsible for ensuring that your use of WEEX services complies with local laws and for carefully assessing the risks before participating in any crypto-related activities.