Bitcoin Looks Unlikely To Cross $10,000 Again This Year

July was a solid month for cryptocurrencies overall, with the price of Bitcoin reversing the steady declines seen over the previous two months to hover around $8,200 around the end of the month. This marked a strong recovery from the low of $5,755 seen in late June, but was still well below the all-time high of almost $20,000 last December, and also a good 18% lower than the ~$10,000 figure seen less than three months ago.

Notably, there was a recovery in the level of activity on the Bitcoin network over the month of July, with the average number of unique addresses and the average transaction volume per unique user improving from the lows seen in June. However, with both of these key metrics sliding lower over the first two weeks of August, the price…