Bullish purchasers are reportedly preparing for a “seasonal surge,” according to research released by major cryptocurrency providers Matrixport, since Bitcoin typically enjoys rallies in July.
With seven out of ten returns being positive, Bitcoin has averaged more than 11% features in July over the past ten years. Notably, the returns for the preceding three July quarters were approximately 27%, 20%, and 24%, respectively.
While the summer usually provides a period of stability for bitcoin, Markus Thielen, director of research at Matrixport, noted that July tends to be strong, while August tends to be flat, and September comes under selling pressure.
According to Matrixport, Bitcoin will advance to $35,000 before retracing to $30,000. They also set a $45,000 annual target for Bitcoin.
The analysis provided by Matrixport takes into account historical trends and patterns observed in the Bitcoin market. A July rally is anticipated based on the cryptocurrency’s past performance in that particular month.
However, it’s important to remember that past performance is no guarantee of future results, and the cryptocurrency market is known for its turbulence and unpredictability.
The analysis from Matrixport provides insight into the potential benefits and risks of investing in Bitcoin in the near future. Before making any financial decisions, it is advised that both customers and sellers exercise caution and undertake careful research.
Market participants eagerly anticipate events in the coming months as the bitcoin market continues to grow and mature. Given that Matrixport’s study points to a potential rally in July, buyers may be closely observing the price movement of bitcoin to see if historical trends hold true once more.
Nevertheless, it is crucial to remember that a variety of factors, including legislative changes, technological advancements, and market mood, could have an impact on the cryptocurrency market and the effectiveness of cryptocurrencies.
