Bitcoin could stay above USD 100,000 throughout the summer, but seasonal trading data suggests a minimal rise in the third quarter.
Key takeaways:
Analysts state that bitcoin trades more like a risk asset than a safe haven like gold, undermining its 'digital gold' narrative.
A possible interest rate cut by the Federal Reserve in July could boost bitcoin, but historical data shows that the third quarter tends to be stable, with an average return of only 1% between June and September.
Bitcoin (BTC) is having a mediocre week, but this could change if the crypto asset follows the trajectory of global money supply. Fidelity's Global Macro Director, Jurrien Timmer, stated that gold prices could rebound after global money supply reached a year-on-year increase of 8.5%, driven by geopolitical tensions. However, the volatile nature of bitcoin could present a contrasting outlook.