In multistable dot lattices, the orientation we perceive is attracted towards the orientation we perceived in the immediately preceding stimulus and repelled from the orientation for which most evidence was present previously (Van Geert, Moors, Haaf, & Wagemans, 2022). Theoretically-inspired models have been proposed to explain the co-occurrence of both context effects in multistable dot lattice tasks, but these models artificially induced an influence of the previous trial on the current one without detailing the process underlying such an influence (Gepshtein & Kubovy, 2005; Schwiedrzik et al., 2014). We conducted a simulation study to test whether the observed attractive and repulsive context effects could be explained with an efficient Bayesian observer model (Wei & Stocker, 2015). This model assumes variable encoding precision of orientations in line with their frequency of occurrence (i.e., efficient encoding) and takes the dissimilarity between stimulus space and sensory space into account. A hierarchical efficient Bayesian observer model including both a stimulus and a perceptual level was needed to explain the co-occurrence of both attractive and repulsive temporal context effects. Furthermore, this model could reproduce the empirically observed strong positive correlation between individuals' attractive and repulsive effects (Van Geert et al., 2022), by assuming a positive correlation between temporal integration constants at the stimulus and the perceptual level. To conclude, the study brings evidence that efficient encoding and likelihood repulsion on the stimulus level can explain the repulsive context effect, whereas perceptual prior attraction can explain the attractive temporal context effect when perceiving multistable dot lattices.