According to BlockBeats, Vetle Lunde, a senior analyst at K33 Research, pointed out on July 10 that seasonal trends do not favor Bitcoin, with the third quarter typically being the weakest in terms of returns. He added that the seasonal weakness coincides with the pressure on prices caused by the sale of seized assets in Saxony, Germany, and the ongoing repayment distribution from Mt. Gox.
K33 Research estimates that the market will absorb the sale of 75,000 to 118,000 BTC from Saxony and Mt. Gox clients throughout the summer. At current prices, this amounts to a value of $4.3 billion to $6.8 billion.
'We expect these capital flows to burden Bitcoin's performance in the coming months, and market volatility will continue until October,' Lunde said. The analyst's comments highlight the potential challenges Bitcoin may face in the near future, particularly in light of the ongoing legal and financial issues surrounding the Mt. Gox bankruptcy and the sale of seized assets in Saxony.