en.bitcoinsistemi.com
While Bitcoin (BTC) usually trades sideways during the summer months, July has historically been a month of positive performance, according to the latest chart analysis published by crypto financial services company Matrixport.
Matrixport: July Is a Historically Strong Month for Bitcoin
The analysis revealed that in seven of the last 10 years, Bitcoin closed July with an increase, with an average return of 9.1% in these months. It was emphasized that in the three years of decline, losses remained only in single digits. In particular, strong double-digit rallies were observed in five of these seven years of increase.
$116,000 Target on the Agenda
As July approaches, optimism and bullish expectations increase in the market, and according to Matrixport’s analysis, this historical trend may show itself again. The company shared its view that the Bitcoin price could test the $116,000 level in the coming weeks.
This expectation is based on both past performance and the increase in investor sentiment in July. The analysis suggests that a combination of technical and sentimental indicators could mark the start of a new bullish wave in the market.
*This is not investment advice.