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Matrixport Forecasts Bitcoin Rally to $116,000, Cites Seasonal Weakness Ahead

Financial services firm Matrixport has published analysis forecasting Bitcoin’s potential climb to $116,000, citing supportive recent market action.

The prediction hinges on historical patterns and current momentum observed within the cryptocurrency market, bolstering confidence in a significant price appreciation phase for the leading digital asset.

However, Matrixport’s report also highlights a potential obstacle called out by past performance: August and September historically show weak Bitcoin returns. The firm indicates this seasonal pattern could lead to a period of short-term consolidation or pullback before the projected upward trajectory resumes.

Upcoming events, particularly significant earnings disclosures from major US corporations, are noted as factors that could trigger increased market volatility. These events have the potential to sway investor sentiment broadly, impacting Bitcoin and other risk assets.

Despite anticipating near-term headwinds, Matrixport maintains a fundamentally bullish outlook on Bitcoin’s prospects for the current cycle. The firm’s long-term view remains positive based on their technical and market dynamic analysis.

The report advises traders to stay vigilant, monitoring key market-moving events closely. It suggests preparing for possible price swings in the coming months while keeping confidence in the overarching positive trend anticipated to unfold.

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