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Bitcoin surpassing the $31,000 psychological threshold was significant in various respects. Firstly, the leading cryptocurrency reached a one-year peak amid the ongoing bear market.
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However, the upward movement may not be finished. Historically, July has been recognized as a month for robust rallies, as noted by the digital asset platform Matrixport.
- In its most recent analysis, Bitcoin advocates are preparing for the “seasonal surge” since prices typically increase in July.
- Over the past decade, Matrixport has found that the crypto asset has experienced an average rally of more than 11% during this month. Notably, 7 out of 10 instances recorded positive returns (70%).
- Additionally, the last three Julys have yielded returns of over 27%, 20%, and 24%, respectively.
- The report also indicated that summer generally signifies a consolidation phase for Bitcoin. Nevertheless, a strong July is often succeeded by a lackluster August and a sell-off in September.
- According to the firm’s year-end projection of $45,000, Bitcoin’s price is anticipated to rise towards $35,000 before facing a sell-off and ultimately retreating to $30,000 before making another attempt at the significant resistance level of $40,000.
- The recent surge followed BlackRock’s submission for a spot Bitcoin ETF, with Invesco and WisdomTree also reapplying their requests.
- The ETF applications underscored the dedication of prominent institutional investors to the digital asset market, thereby heightening expectations for a price rally driven by institutions.
- Moreover, Glassnode reported that the ‘Bitcoin Illiquid Supply Change’ metric remained significantly high, close to cycle peaks, illustrating the importance of ‘hodling’ despite the price increase.
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