Bitcoin News Today: Matrixport Forecasts Bitcoin to Hit $116,000 in 2023 Despite Seasonal Volatility

Matrixport, a prominent crypto financial services firm, has issued a bullish forecast for Bitcoin, predicting a potential surge to $116,000 in 2023 despite seasonal market challenges. The analysis, released on July 25, underscores the interplay between technical indicators and historical patterns, noting that August and September have historically shown weak returns for Bitcoin. Over the past decade, these months have averaged near-zero gains, prompting traders to secure profits and potentially triggering short-term consolidation phases [1]. While the $116,000 target aligns with current market movements, Matrixport emphasizes that seasonal volatility should not overshadow the broader bullish sentiment underpinned by institutional adoption and macroeconomic dynamics.

The firm’s projection is supported by Bitcoin’s recent price action, which has tested key support levels around $115,000 amid mixed signals from whale activity and global macroeconomic developments [1]. However, Matrixport warns of immediate challenges, including potential liquidity shifts and volatility driven by upcoming catalysts. These include the U.S. Federal Reserve’s interest rate decision, the delayed release of the White House digital asset report, and quarterly earnings reports from major corporations. Such events are expected to amplify market fluctuations as traders adjust positions ahead of critical decisions [1].

Historically, August has been a challenging period for Bitcoin traders. Over the last ten years, only three years have recorded positive returns during this timeframe. This pattern is attributed to seasonal disruptions and cautious trading behavior, with investors often opting to lock in profits during summer months [1]. Matrixport’s report highlights that this seasonal trend may lead to reduced price momentum in the short term, even as long-term fundamentals remain intact. The firm’s analysis also notes that Bitcoin’s supply constraints and growing corporate adoption—over 125 publicly traded companies now hold Bitcoin, collectively holding more than 844,822 BTC—reinforce its role as a hedge against systemic risks [2].

While Matrixport’s $116,000 target represents a near-term outlook, longer-term outcomes hinge on factors such as ETF inflows and regulatory developments. The surge in Ethereum spot ETFs, which have attracted over $1.85 billion in inflows, signals a potential reallocation of institutional capital away from Bitcoin. However, Matrixport remains focused on Bitcoin’s scarcity premium, with less than 5.3% of its total supply remaining to be mined. This scarcity, combined with its appeal during macroeconomic uncertainty, continues to attract buyers, particularly during periods of consolidation [2].

The prediction has drawn comparisons to more aggressive forecasts from other analysts. For instance, TD Cowen has raised its price target for Bitcoin-linked equities to $680 by 2025 [3], though this diverges from Matrixport’s 2023-focused analysis. Matrixport’s stance, however, aligns with broader institutional confidence in Bitcoin’s long-term value proposition, particularly as derivatives activity intensifies. Open interest in Bitcoin derivatives has reached $42 billion, with funding rates indicating bullish overextension. Despite a 2.5% dip in the past 24 hours to $115,200, the firm argues that these corrections are consistent with the asset’s historical patterns [1].

As the market navigates these dynamics, Matrixport urges traders to monitor key support levels and anticipate potential volatility in the coming weeks. The interplay between seasonal trends, macroeconomic factors, and institutional activity will likely determine Bitcoin’s near-term trajectory. While August and September may bring short-term consolidation, the firm maintains a positive outlook for the full year, emphasizing that historical recovery patterns and fundamental resilience position Bitcoin for long-term growth.

Sources:

[1] “Is Bitcoin’s Summer Slowdown a Buying Opportunity?” CryptoDnes.bg (25.07.2025), https://cryptodnes.bg/en/news/bitcoin/

[2] “Public Companies Now Hold Over $100 Billion in Bitcoin—4% of Total Supply” CryptoDnes.bg (21.07.2025), https://cryptodnes.bg/en/news/bitcoin/

[3] “Canadian Bank Sees Bitcoin Hitting $155,000 by 2025” CryptoDnes.bg (15.07.2025), https://cryptodnes.bg/en/news/bitcoin/