Bitcoin has been on a downtrend since its ATH in March and continues to struggle with months of steep declines.

While investors are expecting a big rally in BTC after the halving, this wait is being postponed to the next month every month.

Now, while the big rally is expected in September and October, 10X Research founder Markus Thielen, who attracts attention with his successful predictions, said in his analysis that Bitcoin is in a bear market.

Bitcoin May Be in a Bear Market!

Stating that 10X Research has changed their outlook on Bitcoin from bullish to more cautious since March 2024, Thielen said that they believe Bitcoin is in a bear market in their technical analysis such as on-chain data and market sentiment.

“…. However, since March 2024 our stance has shifted to a more cautious view. Technical analysis, on-chain fundamentals and market sentiment suggest that Bitcoin has entered a bear market.”

Be Careful in the Short Term!

Stating that they continue to be optimistic about the medium and long-term potential of Bitcoin and the crypto market, Thielen said that current indicators and data show that caution should be exercised in the short term.

“Although the market experienced V-shaped recoveries after the declines in early May, early July and early August, the underlying market structure and fundamentals have gradually weakened.

As a result, each decline has been deeper and subsequent recoveries have been more moderate.

Market structure and fundamentals are weakening, and September marks a significant turning point.”

Bitcoin, which has fallen 1.6% in the last 24 hours, continues to be traded at $57,460 at the time of writing.

*This is not investment advice.