After analyzing the historical pattern of BTC, Matrixport analysts predict that the largest cryptocurrency per market capitalization could reach up to $ 116,000 in the coming weeks.
In a recent reportMatrixport analysts state that the month of July has always been ‘historically preferred Bitcoin’, because patterns of strong profit for BTC (BTC) have been consistently shown every year in the same period. Because of this strong pattern, analysts predict that it is possible to reach a new all time at $ 116,000.
“If the historical seasonal applies, Bitcoin can be ready for a new movement possibly achieved $ 116,000 in the coming weeks,” wrote the on-chain analysis company.
If BTC succeeds in reaching the $ 116k marking in July, it would make way for a new all-time, which defeated the previous $ 111,814 of 22 May this year.
According to the shared graph with Bitcoin performance in July, BTC once reached the highest peak in July in 2020, by no less than 23.9%. The next two years that followed also stopped strong profit. Analysts have concluded that the month of July has shown a consistent profits, with an average return of more than 9.1%.
Although in the last three years only a modest profit have offered, with a dip of 4.1% clear in 2023, analysts calculated that BTC has succeeded during the five -year period to achieve double digits.
“This creates a clear risk or reward skewed at the benefit while we go in July,” said Matrixport analysts.
Since lately, BTC has been slowly coordinated after geopolitical tensions between Iran and Israel, as well as the cautious attitude of the interest rates taken by the FED. At the time of pressure, BTC has fallen by 0.9% for the past 24 hours. The largest cryptocurrency per market capitalization currently trades hands at $ 106,678.
Matrixport recently emphasized an important difference between the recent BTC rally and previous. The analysis company is of the opinion that this cycle will be fed by the question of the institutional investors, proven by the flurry of companies that switch to the adoption of BTC as a business reserve activa. This is largely in contrast to earlier rallies, which were dependent on Retail investor to predict the market.
