In a report published on Wednesday, Matrixport, a crypto-services company, said that bullish bitcoin (BTC), investors should prepare for’seasonal surge’ as the world’s largest cryptocurrency is known to rise during the month July.

The report stated that over the past decade, bitcoin gained an average of 11% per month in July. Seven out of ten months showed positive returns.

The note stated that the last three years saw returns of 27%, 24% and 20% respectively in July.

Markus Thielen wrote that the summer is a time of consolidation in bitcoin. A strong July will be followed by an average August, and then a falloff in September.

Matrixport predicts that bitcoin will rally to $35,000, before selling and retracing back to $30,000. Then, it predicts a second move up to $40,000 before selling off and retracing back down.

Matrixport stated that the target price for bitcoin at year’s end is $45,000.

Parikshit Miishra is the editor.