Bankless co-founder David Hoffman said Bitcoin is at a point where its price action could follow one of two paths. In his view, the market may either move into a sideways base-building phase or see one last round of panic selling before stabilizing.
Hoffman said he sees the first scenario as more likely. He wrote that Bitcoin is more likely to enter a period of consolidation, with the bottom largely already in place. His comments frame the current market structure as late in the downtrend rather than at the start of another deeper leg lower.
The remarks were cited by ChainCatcher in a market analysis brief published on July 16. No additional price targets or timing details were included in the post.
Bankless co-founder David Hoffman said Bitcoin is facing two possible paths in its current price action: a sideways base-building phase, or one final round of panic selling.
Hoffman said the more likely outcome is a period of consolidation. He added that Bitcoin’s bottom has basically already formed.
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