News report,
K33 Research
Senior analyst Vetle Lunde pointed out on Tuesday that seasonal trends have not helped Bitcoin, as returns in the third quarter have historically been the weakest.
He added that the weak seasonality coincides with the German government selling confiscated Bitcoin assets and the continued distribution of Mt. Gox refunds, which puts pressure on the price.
According to K33 Research’s estimate, the market will have to absorb the sale of 75,000 to 118,000 BTC from the German government and Mt. Gox customers throughout the summer, valued at $4.3 billion to $6.8 billion at current prices.
Lunde expects that these outflows of funds will put pressure on the price of Bitcoin in the coming months, and the volatile market conditions will continue until October.
Tags
K33 Research
Bitcoin
Source link:
https://www.coindesk.com/markets/2024/07/09/bitcoin-rebounds-toward-60k-but-ch…
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Original link: https://www.bitpush.news/articles/6921130
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K33 Research suggests market requires absorption of 47 billion worth of Bitcoin selloff pressure during summer
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K33 Research suggests market requires absorption of 47 billion worth of Bitcoin selloff pressure during summer