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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.
STORY CONTINUES BELOW
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.
Read more: Matrixport’s Bitcoin Greed & Fear Index Surpasses 90%, Suggests Bull Breather Ahead
Will Canny
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He's now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
