Analyst Noname says BTC may not bottom until October

Cryptocurrency analyst Noname argued it is too early to call a bottom in BTC for the third quarter. Noname said the current sideways move reflects a period of "fake stability" showing market indecision, and added that such a pattern has often been followed by declines rather than gains. Noname projected a short-squeeze rebound in July, a deeper drop in August that tests around $50,000, a W-shaped bottom in September, an actual bottom and accumulation zone in October, an early rebound phase in November, and a possible recovery to $100,000 in December. Noname added that the decline since the June peak is part of a process of unwinding gains built over the past three years. Historically, bear markets have often gone through corrections of more than 80%, Noname said, while current prices are down about 50% from the previous peak, leaving room for further downside.