- Bitcoin looks set to end June on a positive note.
- The asset reached a new yearly high over the weekend.
- Matrixport is optimistic about the asset’s July prospects.
June is ending on a high note for Bitcoin, the largest crypto asset by market capitalization. Fueled by renewed institutional interest sparked by BlackRock’s spot exchange-traded fund (ETF) application, the asset rallied to yearly highs above $31,300 over the weekend.
As June ends, prominent crypto financial services firm Matrixport suggests that the asset’s price will jump even higher in July.
More Gains to Come?
Matrixport Head Researcher Markus Thielen disclosed that the firm is optimistic that Bitcoin would be trading for anywhere between $33,000 and $36,000 at the end of July in a LinkedIn post on Monday, June 25.
The researcher shared the firm’s observations that the asset had finished July positively in seven out of the last ten years, with an average gain of 11%. In the past three years, Bitcoin gained 27%, 20%, and 24%, respectively, in July, the analyst noted.
In February, Matrixport had tipped Bitcoin to clinch the $45,000 price point by the end of the year. In response to a request for comment from DailyCoin, Thielen gave more insight into how the asset is expected to reach the projected price point by year’s end, predicting lackluster price performances in August and September.
"While summer tends to be a period of consolidation for Bitcoin, a strong July tends to be followed by a mediocre August and a selloff in September. Based on our year-end target of 45,000, we see Bitcoin prices rallying towards 35,000 before selling off and retracing to 30,000 before attempting the 40,000 level. Those seasonality numbers support our roadmap," the analyst asserted.
In May, JPMorgan analysts argued that investors needed to view Bitcoin as a similar investment to gold for the asset to clinch the $45,000 price.
After ending last week on a high, Bitcoin is trading for $30,313, down 1.11% during the previous 24 hours.
On the Flipside
- Bitcoin’s historical performances in July do not guarantee it will also perform well this year.
Why This Matters
The broader crypto markets tend to move in lockstep with Bitcoin. A July rally for the asset could also imply a positive month for the overall market.
Read this to learn more about the impact of Bitcoin’s recent price performances:
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