BlockBeats news, July 10, K33 Research senior analyst Vetle Lunde pointed out on Tuesday that seasonal trends are not helpful for Bitcoin, and the third quarter is usually the period with the weakest returns.
He added that seasonal weakness coincided with pressure on prices from the sale of seized assets by the German state of Saxony and ongoing Mt. Gox repayment distributions.
According to K33 Research’s estimates, the market will absorb sales of between 75,000 and 118,000 BTC from Saxony and Mt. Gox customers over the summer, worth between $4.3 billion and $6.8 billion at current prices.
"We expect these flows to weigh on Bitcoin's performance in the coming months, with market volatility set to continue into October," Lunde said. (CoinDesk)