According to the report, the largest cryptocurrency by market cap has historically shown a tendency to experience a rally during the month of July.
In a report released on Wednesday, crypto-services provider Matrixport highlighted that optimistic investors in Bitcoin (BTC) are getting ready for the anticipated “seasonal surge.” They emphasized that the world’s largest cryptocurrency typically experiences a rally during the month of July.
According to the report, Bitcoin has achieved an average gain of over 11% in the month of July over the past decade. Out of the ten months observed, seven of them exhibited positive returns for the cryptocurrency.
The report states that in the past three years, Bitcoin has delivered returns of approximately 27%, 20%, and 24% during the month of July.
According to the report, over the last three years, Bitcoin has provided returns of around 27%, 20%, and 24% respectively during the month of July.
Matrixport predicts that Bitcoin will experience a rally towards $35,000, followed by a decline and retracement to $30,000. Subsequently, they anticipate another upward movement, with Bitcoin potentially reaching the $40,000 level.
Matrixport has set a year-end target of $45,000 for Bitcoin, indicating their expectation of Bitcoin reaching that price level by the end of the year.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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