Bitcoin has surpassed the $31,000 mark, reaching a one-year high during a bear market. The digital asset platform Matrixport has analyzed historical data and found that July tends to be a month of strong rallies for Bitcoin. Over the last decade, Bitcoin has rallied by an average of more than 11% in July, with positive returns in 70% of observations. The previous three Julys have seen returns of over 27%, 20%, and 24%. However, a strong July is often followed by a mediocre August and a sell-off in September. Matrixport has a year-end target of $45,000 for Bitcoin’s price. The recent surge in Bitcoin came after high-profile institutional investors such as BlackRock, Invesco, and WisdomTree filed applications for spot Bitcoin ETFs, which raised expectations of an institutionally driven price rally. Additionally, Glassnode noted that the “Bitcoin Illiquid Supply Change” metric remains elevated, indicating strong holding despite the price increase.
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