Apex cryptocurrency Bitcoin is preparing for what could be the biggest comeback recorded in 2026. Notably, the leading cryptocurrency is down by more than 25% year-to-date. According to data from CoinMarketCap, Bitcoin is 48% below its all-time high of $126,198 recorded in October 2025. However, current market woes have done little to deter optimistic market players from observing bullish possibilities.
One such bullish pattern has been spotted on Crypto ratings platform Weiss Crypto. In a post shared to X, the ratings platform spotlighted August as a particularly promising month for Bitcoin. A relief expected to take place in the month of August is primed to pull the big bull above the $70,000 price level.
Bitcoin was last seen above $70,000 on June 2 for a brief period before taking a downward turn the following day.
Although promising, it bears mentioning that relief is unlikely to trigger a full bull run. As Weiss Crypto shared in a recent X post:
“While we’re glad to see BTC and the broad market show signs of life, the relief will not take us into a new bull run.
 
Both JpM2 and bonds show a top in early August, followed by a correction into September.”
The new development is a breath of fresh air at this time as on-chain data depicts Bitcoin’s structure as fragile. To this effect, CryptoQuant reported a decline in Bitcoin’s spot demand—a development that directly threatens Bitcoin’s capacity to make a comeback.
The report asserts that a technical rebound might be observed due to increased derivatives momentum, but a price rally is likely to result in a “significant long liquidation event” if spot demand remains weak.
At report time, Bitcoin is recording mild price gains following a sharp turnaround, with market cap soaring by 1.03% in the last 24 hours to $2.26 trillion at press time. With 4.89% worth of gains sustained over the last 7 days, Bitcoin is valued at $66,230 per coin at the time of this report.
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