Bitcoin rallies toward $60K, but analysts predict continued volatility due to upcoming selling pressures and weak seasonal trends.
Bitcoin (BTC) has rebounded nearly 3% to around $58,000, recovering from last week's downturn. While the market shows signs of strength, analysts warn that the rally might be short-lived due to ongoing selling pressures and historical seasonal weaknesses.
Key Points:
Current Market Rebound:
Bitcoin climbed nearly 3% to around $58,000.
The broader cryptocurrency market also saw gains, with the CoinDesk 20 Index up 2.4%.
Potential Short-Lived Rally:
Markus Thielen from 10x Research suggests Bitcoin might reach $60,000.
Thielen anticipates a short-term rally followed by a decline to the low $50,000 range.
Seasonal Weakness:
Historically, the third quarter offers the weakest returns for Bitcoin.
Vetle Lunde from K33 Research highlights that seasonal trends are currently not favorable.
Selling Pressures:
The German state of Saxony is selling seized Bitcoin assets.
Mt. Gox refunds are also contributing to increased selling pressure.
K33 Research estimates 75,000 to 118,000 BTC could be sold over the summer, valued at $4.3 billion to $6.8 billion.
Market Outlook:
Analysts expect choppy market conditions to persist until October.
The market will need to absorb significant selling pressure, which may hinder sustained price increases.
While Bitcoin's recent rebound offers hope for a short-term rally, analysts predict that ongoing selling pressures and seasonal trends will create a volatile market environment. Investors should brace for continued choppiness in the coming months as the market absorbs significant Bitcoin sales.
Source: Coindesk
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