Will Bitcoin Surge to $35K in July? Matrixport Analysis

CryptoPotato
CryptoPotato

28 Jun 2023 4:55 PM

The report said that Bitcoin's year-end target is $45,000....

  • Bitcoin surged past the $31,000 psychological level, hitting a one-year high.
  • July has historically been a month for strong rallies in Bitcoin.
  • Matrixport's analysis shows that Bitcoin has rallied by an average of over 11% in July, with positive returns in 7 out of 10 observations.
  • The previous three Julys have seen returns of over 27%, 20%, and 24%.
  • Summer typically marks a period of consolidation for Bitcoin, but a strong July is usually followed by a mediocre August and a sell-off in September.
  • Bitcoin's price is speculated to rally towards $35,000 before encountering a selling-off session and potentially retracing to $30,000 before attempting a resistance point of $40,000.
  • The recent surge in Bitcoin's price was influenced by high-profile institutional investors filing applications for spot Bitcoin ETFs.
  • Glassnode's metric shows that the 'Bitcoin Illiquid Supply Change' remains elevated, indicating a strong holding sentiment despite the price surge.

The sentiment in the article is generally positive, highlighting the potential for Bitcoin to rally in July based on historical data and the involvement of institutional investors. However, there is also a cautionary note about a potential sell-off in September.

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You May Ask

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