Analysts from Matrixport speculate that Bitcoin could reach a new all-time high next month, based on seasonal patterns of its fluctuations.
Historical Trend of Bitcoin Growth
Matrixport analysts point out that the month of July has traditionally 'historically favored Bitcoin,' which is supported by strong gains in BTC's price during this month across many years. They estimate that Bitcoin could reach $116,000 if historical seasonality holds.
Comparison with Previous Year’s Performance
Historical analysis shows that in July 2020, Bitcoin reached its peak by rising as much as 23.9%. The average return over the past years exceeds 9.1%, indicating potential for consistent growth.
Factors Influencing Current Dynamics
Recently, the BTC price has begun to decline amid geopolitical tensions and the Federal Reserve's cautious stance on interest rates. However, Matrixport states that the current rally is being fueled by demand from institutional investors, which distinguishes it from previous rallies that relied on retail investments.
Thus, despite the current decline, Matrixport analysts see potential for Bitcoin's growth in July, focusing on its history and current market conditions.
