While Bitcoin has been breaking new records in the last two days, there is increasing expectation in the market that the rise will continue to higher levels.
The latest analysis on this point came from crypto services provider Matrixport. In its latest analysis, conducted on its X account, Matrixport argued that Bitcoin’s rally is not yet over, and that the expected fundamental catalysts have still not been factored in.
Bitcoin’s Rise Isn’t Over!
Matrixport analysts noted that Bitcoin reached a new record high, but unlike previous surges, this one occurred with minimal leverage and limited retail buying.
Analysts stated that the recent rise was driven by strong spot ETF inflows and rising institutional demand, adding that key catalysts, including increasing political pressure on the Fed to cut interest rates, the potential passage of the GENIUS Act, and the historically strong seasonality of July, have not yet been priced in.
“This rally in Bitcoin is supported by strong institutional buying momentum and strong ETF inflows, which differentiates the recent rally from past highs.
Open interest in Bitcoin is gradually increasing, but there are no significant new leveraged long positions yet.
At this point, this increase should be viewed as a structural upward trend rather than speculation.”
Matrixport lastly stated that Bitcoin is likely to maintain its upward momentum and listed the events that could trigger the rise.
“If seasonal strength and Bitcoin ETF inflows continue in July, the rally could continue further.
The upward momentum is expected to continue as the US House of Representatives announces progress on legislation as part of “Crypto Week”, which begins on the 14th.
At this point, important variables such as the Fed’s interest rate policy, next week’s Consumer Price Index (CPI) announcement schedule, and the GENIUS law are still not priced in.”
*This is not investment advice.