Bitcoin (CRYPTO: BTC) could be approaching another period of weakness after posting a double-digit gain in July if it follows a familiar midterm-year bear market pattern.
July Often Acts As Relief
In a July 31 podcast, crypto analyst Benjamin Cowen noted that Bitcoin gained around 10% in July, consistent with prior midterm-election years when the cryptocurrency staged relief rallies after sharp declines in June.
“July in midterm years often acts as some relief,” Cowen said.
He pointed to similar patterns in 2018 and 2022, when Bitcoin rebounded from June lows before renewed selling pressure emerged during August and September.
