Bitcoin bulls are preparing for the upcoming seasonal surge, according to Matrixport.
Bullish bitcoin (BTC) investors are getting ready for the “seasonal surge,” as the world’s largest cryptocurrency tends to experience a rally in the month of July, according to a report by crypto-services provider Matrixport on Wednesday.
Over the past ten years, bitcoin has seen an average gain of over 11% in the month of July, with positive returns in 7 out of 10 months, the report stated.
July has seen returns of approximately 27%, 20%, and 24% in the last three years respectively, the report mentioned.
“Although summer is typically a period of consolidation for bitcoin, a strong July is often followed by a mediocre August and a sell-off in September,” stated Markus Thielen, head of research.
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Matrixport anticipates that bitcoin will rally towards $35,000 before experiencing a sell-off and retracing back to $30,000. It then predicts another upward move to the $40,000 level.
Matrixport also added that its year-end target for bitcoin is $45,000.
Read more: Matrixport’s Bitcoin Greed & Fear Index Surpasses 90%, Suggests Bull Breather Ahead
Edited by Parikshit Mishra.
