A report from Matrixport says investors are preparing for a new bullish phase. It is expected in July and will result in a more impressive growth of bitcoin compared to June 2023.
Over the past decade, on average, BTC has appreciated more than 11% in July. Seven out of 10 months since 2013 ended with a strong rebound in the cryptocurrency.
During the last three years, July finished with BTC strengthening by 27%, 20% and 24% respectively, analysts stressed.
Marcus Thielen, head of the company’s research division, stressed that the summer months are usually a period of bitcoin consolidation. In August, the largest cryptocurrency mostly stagnated in the past years, and in September its value was falling amid the activation of sellers.
Matrixport predicts that BTC will rise to $35,000 next month, but then fall back to $30,000.
In this area, the cryptocurrency consolidates, and after that we are waiting for its rise to $40,000. At the end of 2023, bitcoin should be trading at $45,000, the company noted.