Bitcoin Bulls Getting Ready for Seasonal Surge: Matrixport

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.