According to a report by CoinDesk, K33 Research Senior Analyst Vetle Lunde noted on Tuesday that seasonal trends do not favor Bitcoin, with the third quarter typically being the weakest period in terms of returns.

He added that the seasonal weakness coincides with the pressure on prices from the sale of seized assets by the German state of Saxony and the ongoing Mt. Gox repayments.

K33 Research estimates that the market will absorb sales of 75,000 to 118,000 BTC from Saxony and Mt. Gox clients over the summer, valued between $4.3 billion and $6.8 billion at current prices.

"We expect these capital flows to weigh on Bitcoin performance in the coming months, with market volatility persisting until October," Lunde said.