Bitcoin Bulls Getting Ready for Seasonal Surge: Matrixport
The largest cryptocurrency by market cap tends to rally in the month of July, the report said.
Bullish bitcoin (BTC) investors are preparing for the “seasonal surge,” as the world's largest cryptocurrency tends to rally during the month of July, crypto-services provider Matrixport said in a report on Wednesday.
Over the last decade, bitcoin has gained by an average of more than 11% in the month of July, with 7 out of 10 months showing positive returns, the report said.
The last three years have seen returns of around 27%, 20% and 24% respectively in July, the note said.
"While summer tends to be a period of consolidation for bitcoin, a strong July tends to be followed by a mediocre August and a selloff in September,” wrote Markus Thielen, head of research.
Matrixport says it expects bitcoin to rally towards $35,000 before selling off and retracing to $30,000. It then predicts another move higher to the $40,000 level.
The year-end target for bitcoin is $45,000, Matrixport added.
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Under pressure, Trump’s crypto czar divests his $200M+ crypto holdings
David Sacks divested over $200 million in digital-asset holdings to avoid conflicts of interest. Senator Elizabeth Warren criticized Sacks, questioning his crypto holdings. Sacks’ divestment details were revealed shortly before Warren’s letter requesting crypto ownership clarification.
Smart Contract Risks Could Be Global Finance’s Ticking Time Bomb, Warns Movement Labs Co-Founder
Cooper Scanlon emphasizes the serious vulnerabilities in blockchain infrastructure, especially Ethereum, highlighting the growing threat to global finance and calling for secure innovations like Move programming.
VIPBitget VIP Weekly Research Insights
Over the past month, the cryptocurrency market has faced a downturn due to multiple factors. Global macroeconomic uncertainties, such as shifts in U.S. economic policies and the impact of tariffs, have heightened market anxiety. Meanwhile, the recent White House crypto summit failed to deliver any significant positive news for the crypto market, further dampening investor confidence. Additionally, fluctuations in market sentiment have led to capital outflows, exacerbating price declines. In this volatile environment, selecting stable and secure passive-income products is more crucial than ever. Bitget offers solutions that not only provide high-yield fixed-term products but also flexible options for users who need liquidity. Furthermore, with the added security of the Protection Fund, investors can earn steady returns even amidst market volatility.
SEI Price Surges Following World Liberty Financial Purchase
Trending news
MoreCrypto prices
More
