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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.
Updated Jul 5, 2023, 3:17 p.m. Published Jun 28, 2023, 7:01 a.m.
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Bullish bitcoin 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.
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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
