Bitcoin is poised to realize its seventh consecutive month of good points, a feat witnessed solely as soon as in its historical past.
The upward streak commenced in September 2023, fueled by anticipation surrounding Bitcoin exchange-traded funds (ETFs) approval.
Bitcoin Seven Months Streak
Since September 2023, Bitcoin has persistently surpassed the earlier month’s figures, indicating a sustained upward trajectory. As the tip of March approaches, with Bitcoin buying and selling at $70,000, the market might witness a seventh consecutive bullish month for BTC.
The final time Bitcoin sustained a seven-month streak was in 2012 when its worth surged from $4.89 to $12.37. Notably, following this streak, Bitcoin skilled a ten% decline.
“That is solely the second time in Bitcoin’s historical past that seven consecutive months of constructive returns have been achieved. Again in 2012, the next month noticed a ten% decline earlier than one other six months with consecutive constructive returns have been generated,” crypto agency Matrixport defined.
Bitcoin Month-to-month Returns. Supply: Coinglass
The present bullish sentiment has additional attracted substantial capital inflows into the market. Coinbase, a outstanding US-based alternate, lately witnessed its largest inflow of USD Coin (USDC) stablecoin, totaling $1.4 billion, as reported by CryptoQuant. Market analysts interpret this surge in stablecoin deposits as an indication of sturdy shopping for curiosity, doubtlessly facilitating elevated participation within the crypto market.
The inflow of USDC gives liquidity, enabling traders to enter the market and purchase digital belongings. With heightened investor exercise, Bitcoin’s quest for a brand new worth report might encounter much less resistance, doubtlessly resulting in additional worth appreciation and the continuation of its profitable streak.
Learn extra: Bitcoin Worth Prediction 2024 / 2025 / 2030
In the meantime, the market nonetheless awaits an impending Bitcoin halving that would scale back miner rewards and increase Bitcoin’s shortage. This occasion, anticipated to chop in half the quantity of BTC produced every day by miners, has traditionally triggered elevated mining problem and bullish worth actions.
