Bitcoin Could Reach $116,000 According to Matrixport Analysts
After analyzing BTC’s historical pattern, Matrixport analysts predict that the largest cryptocurrency by market cap could reach as high as $116,000 in the next few weeks.
In a recent report, Matrixport analysts have highlighted the historical trend of Bitcoin performing well in the month of July. They point out that strong gains for BTC have been consistently observed during this period each year. Based on these patterns, analysts believe that Bitcoin has the potential to reach a new all-time high of $116,000.
The analysts at Matrixport stated, “If historical seasonality holds, Bitcoin could be poised for another move higher — potentially reaching $116,000 in the coming weeks.” This would surpass the previous all-time high of $111,814 set on May 22 of this year.
Looking at the performance of Bitcoin in July over the past few years, the data reveals a positive trend. In 2020, Bitcoin saw a peak increase of 23.9% during the month of July. The following years also showed strong gains, with an average return of more than 9.1% in July. This consistent growth has led analysts to believe that Bitcoin could continue its upward trajectory.
While the recent years have shown modest gains in July, with a 4.1% dip in 2023, analysts emphasize that over a five-year period, Bitcoin has delivered double-digit gains. This positive trend suggests a potential upside as we head into the month of July.
Despite current geopolitical tensions and cautious market sentiment, Bitcoin has experienced a slight decline of 0.9% in the past 24 hours, trading at $106,678. Matrixport analysts have also noted a shift in the driving force behind this rally, attributing it to institutional investor demand rather than retail investor activity seen in previous cycles.