Vetle Lunde, a senior analyst at K33 Research, noted on Tuesday that seasonal trends have not helped Bitcoin, with the third quarter typically the weakest period for returns. He added that the seasonal weakness coincided with pressure on prices caused by the sale of seized assets in Saxony, Germany, and the ongoing Mt. Gox repayment distribution.
According to estimates by K33 Research, the market will absorb a sell-off of between 75,000 and 118,000 BTC from Saxony and Mt. Gox customers throughout the summer, worth 4.30 billion to $6.80 billion at current prices. We expect these flows to weigh on Bitcoin's performance in the coming months, with market volatility continuing into October, Lunde said.
K33 Research analyst: Q3 is usually the weakest period for bitcoin returns
2024-07-10 00:37:21
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