Is the Worst Over for Bitcoin? New Analysis Examines Whether $57.7K Marked the Bottom

Bitcoin’s slide to round $57,700 at the finish of June might have accomplished the worst section of its 2026 bear market, based on a brand new market replace printed by BIT on July 17.

After accurately anticipating a lot of BTC’s decline in the previous few months, the crypto funding agency now says merchants ought to assess whether or not that low marked the finish of the correction or was merely a pause earlier than one other leg down.

Market Has Largely Followed Earlier Roadmap

BIT’s newest report builds on analysis it printed on June 12, when it argued that Bitcoin had entered the ultimate stage of its bear market. At the time, the agency outlined an Elliott Wave A-B-C correction sample operating from October 2025 that confirmed an preliminary selloff into the $60,000 to $69,000 vary and a rebound towards $80,000 to $90,000, adopted by a ultimate Wave C drop throughout the 2026 FIFA World Cup, which is because of finish on July 19.

That forecast has principally performed out, with BTC first plunging from round $97,000 to $62,900 in February this 12 months earlier than it recovered to about $82,000 in May, an occasion that was described in the report as a “counter-trend rally inside a bear market.” It then went decrease and finally hit $57,700 at the finish of June after geopolitical tensions and altering expectations for US financial coverage weighed closely on threat belongings.

In the July 17 update, BIT acknowledged that it underestimated the affect of the battle between the United States and Iran, which pushed inflation increased than anticipated, and the hawkish stance adopted by the new Federal Reserve chair, Kevin Warsh. Even so, the agency stated that the broader value construction carefully matched its unique outlook.

The earlier report had additionally pointed to a number of technical alerts supporting the risk of a market backside, together with traditionally depressed sentiment and oversold stochastic readings. Furthermore, at the time, BTC had been buying and selling properly beneath its weekly transferring common. The new replace has now shifted consideration to the 21-week transferring common, which it described as an vital gauge for figuring out whether or not the market has transitioned again right into a longer-term uptrend.

Not Everyone Thinks the Same

However, not everybody studying the charts sees a backside forming. Take, for occasion, CryptoQuant contributor IT Tech, who wrote in a word aptly titled “You actually suppose the backside is already in?” that spot Bitcoin ETF flows, which have been one among the largest drivers behind the OG crypto’s rally in the final two years, have dropped notably in 2026.

In 2024, cumulative web inflows have been greater than 500,000 BTC, with 2025 recording equally robust inflows of about 250,000 BTC. However, 2026 has seen the funds bleed out roughly 120,000 BTC, main the analyst to ask:

“If ETF demand drove the rally up, how will you be bullish whereas that demand reversed fully?”

According to them, what the market is seeing is a headwind and never a tailwind.

Earlier this week, Bitcoin discovered itself above the $65,000 degree after US CPI numbers got here again a lot lower than the market had anticipated, however these features have been shortly taken away by sellers, and at the time of writing, the asset was buying and selling close to $63,000, down nearly 3% in 24 hours and about 2% throughout one week. Furthermore, it’s over 50% beneath its all-time high.

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