Will bitcoin rise to $35K in July? matrixport analysis

Bitcoin breaking the psychological level of $31,000 was significant in more ways than one. For one, the world’s leading cryptocurrency rose to its highest level in a year amid a persistently bearish market.

But the benefits don’t stop there. July has historically been a month of strong rallies, according to digital asset platform Matrixport.

• in his latest AnalysisBitcoin bulls are preparing for a “seasonal bounce” as the price is likely to rally in July.
• Over the past decade, Matrixport has observed that the crypto-asset has increased by an average of more than 11% a month. Interestingly, 7 out of 10 observations showed a positive return (70%).
• Moreover, the last three Julys have seen returns of over 27%, 20% and 24% respectively.
• The report also states that summer typically marks a period of consolidation for bitcoin. However, a strong July is followed by a mediocre August and a selloff in September.
• According to the firm’s year-end target of $45,000, bitcoin price is projected to rise to $35,000 before the sell-off session and eventually pull back to $30,000 before attempting another key resistance point of $40,000.
• The latest surge comes after BlackRock filed an application for a spot bitcoin ETF, followed by Invesco and WisdomTree re-filing their submissions.
• ETF filing demonstrates commitment of high-profile institutional investors to digital asset sector, leading to growth expectations Institutionally driven price rally.
• Also, Glassnode Said The cycle hovered at extremely high levels near the high, reflecting the prominence of ‘hodling’ the ‘Bitcoin illiquid supply change’ metric despite the rise in price.