Leading cryptocurrency services provider Matrixport has released a report suggesting that bullish investors are bracing for a “seasonal surge,” as Bitcoinhistorically experiences rallies in July.
Over the past decade, Bitcoin has averaged more than 11% gains in July, with seven out of 10 returns being positive. Notably, the past three July returns have been around 27%, 20% and 24%, respectively.
Markus Thielen, director of research at Matrixport, said that while summer usually brings a period of consolidation for bitcoin, July tends to be strong, while August tends to be flat and September comes under selling pressure.
Matrixport predicts Bitcoin will rally to $35,000 before retracing to $30,000. Additionally, they set a year-end target for Bitcoin at $45,000.
The analysis provided by Matrixport takes into account historical patterns and trends observed in the Bitcoin market. Expectations for a July rally are rooted in the cryptocurrency’s historical performance in that particular month.
However, it is worth noting that past performance is no guarantee of future results, and the cryptocurrency market is known for its volatility and unpredictability.
Matrixport’s report sheds light on the potential opportunities and risks associated with investing in Bitcoin in the coming months. Investors and traders are advised to exercise caution and conduct thorough research before making any financial decisions.
As the cryptocurrency market continues to grow and mature, market participants eagerly await developments in the months ahead. Investors will be watching bitcoin’s price action closely to see if historical patterns hold up again, with Matrixport’s research suggesting a possible rally in July.
However, it is important to remember that the cryptocurrency market can be affected by a variety of factors, including regulatory changes, technological advancements, and market sentiment, all of which can affect the price and performance of cryptocurrencies.