K33 Research Analyst: The third quarter is usually the weakest period for Bitcoin returns
Vetle Lunde, a senior analyst at K33 Research, pointed out on Tuesday that seasonal trends are not helpful to Bitcoin, as the third quarter is usually the weakest period for returns.
He added that the seasonal weakness coincides with the pressure on prices caused by Saxony's sale of seized assets in Germany and the ongoing repayment distribution of Mt. Gox.
According to estimates from K33 Research, throughout summer, the market will absorb 75,000 to 118,000 BTC sold by Saxony and Mt. Gox customers - valued at $4.3 billion to $6.8 billion based on current prices.
"We expect these capital flows will burden Bitcoin's performance in the coming months and market volatility will continue until October," said Lunde.
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