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
YFI Drops 5.18% Over 24 Hours as Long-Term Indicators Show Continued Downtrend
- YFI fell 5.18% in 24 hours, 6.64% in 7 days, and 46.1% annually, signaling prolonged bearish pressure and weak buyer interest. - Technical indicators suggest continued downside risk, with key support levels likely to be tested as consolidation extends. - A backtest hypothesis proposes shorting YFI after 10% declines, evaluating profitability through historical data from 2022-2025.
Bitcoin long-term holders offload 400K BTC: How low can BTC price go?
Partisan Dispute on Healthcare Subsidies Leaves Government Stalled in 35-Day Shutdown
- U.S. government shutdown hits 35 days, matching 2018-2019 record due to partisan disputes over healthcare subsidies and funding. - Democrats demand ACA premium subsidy extension, while Republicans oppose tying funding to pandemic-era programs, causing unpaid workers and service disruptions. - Economic risks grow with potential $1.4B losses if shutdown extends, as military pay and food assistance programs face critical strain. - Senate shifts toward seeking 2026 funding extension after failed short-term b
Dogecoin News Today: Dogecoin's Weak Hold at $0.18 Faces Bearish Pressure as Support Begins to Falter
- Dogecoin (DOGE) clings to $0.1825 support amid bearish pressure, entering a critical Wyckoff accumulation zone. - Technical indicators show a "death cross" pattern as EMAs cross bearishly, with whales offloading 440M tokens in three sessions. - On-chain data reveals $22.27M daily outflows and intensified selling, risking a steep drop toward $0.07 if $0.18 support fails. - Analysts warn stabilization above $0.165 is critical to reverse the downtrend, with potential recovery paths to $0.26–$0.33 if bulls d
Trending news
MoreCrypto prices
More
