Analyst predicts bitcoin’s growth to new records in September

According to analyst Anthony Pompliano, September could be the month when bitcoin sees a price spike.

In a new interview with CNBC’s Squawk Box, Pompliano said that based on historical precedent, BTC $65,721.46 Bitcoin -0.11% Market capitalization $1.3 trillion VOL. 24 hours $0.6 billion will enter an uptrend in September. This will happen when market participants become more active.

«The only thing we need as a catalyst for bitcoin is time. Interestingly, if you look at all the different cycles, price growth is always slow in summer. People are traveling, not sitting in front of a computer and not looking at a chart. When we get to September and beyond, I think it will be enough for the price to go up again ,» Pompliano emphasized.

The analyst also says that the percentage of bitcoins that are held in the long term is likely to drop to about 50%. According to the expert, the price of BTC will rise rapidly, and the first owners of BTC will decide to give away their coins.

«At the beginning of this year, the number of bitcoins that had not been moved for more than a year was more than 70%, which was very high. Now that the price has risen, some of them have started to spread out, which is what you would expect in a bull market… I expect that as we go deeper into the bull market, that number will come down to 50−55%, but still, at least half of the bitcoins are probably held by people who have a time horizon of 10 years or more.»