As Bitcoin approaches its third consecutive monthly gain, analysts draw parallels with Bitcoin’s performance from October 2020 to March 2021.
3-month winning streak hints at big gains in Bitcoin price
As Bitcoin (BTC) approaches its third consecutive green month, market analysts are comparing its current performance to the period between October 2020 and March 2021. At that time, the price of Bitcoin had skyrocketed from $10,400 to $61,700.
Bitcoin has gained 21% this month and is currently trading at $28,093 on Bitstamp, according to TradingView data. This impressive growth has come despite facing many hurdles within the crypto industry. These include regulatory storms over stock markets and individuals, as well as a drought of new institutional inflows into the market.
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Analysts interpret Bitcoin’s resilience as a bullish signal
Notable recent developments include a lawsuit filed by the Commodity Futures Trading Commission (CFTC) for alleged regulatory compliance violations against the world’s largest cryptocurrency exchange Binance and its CEO, Changpeng Zhao. Despite the negative headlines casting the market shadows, the price of Bitcoin is still rising, baffling skeptics and upsetting expectations. The biggest cryptocurrency is pulling headlines again, surpassing even the Nasdaq and gold.
This quarterly earnings streak raises the question of whether history really repeats itself, and if so, whether Bitcoin is ready for another parabolic price surge similar to the period from October 2020 to March 2021.
In an important metric that supports this, the profit rate of Bitcoin miners has reached its highest level in the last 10 months.
Bitcoin miners report the best monthly revenues of the last 10 months
Bitcoin miners are on their way to their best month in terms of revenue since May 2022, when Terra crashed and the crypto winter really started to cool the industry. According to data from Block Research, miners have earned at least $718 million so far in March.
Foundry’s senior director of business development, Charles Chong, said: “As the price of Bitcoin increased, we saw another month of meaningful increase in hashrate, which accelerated block times and generated more value in both BTC and USD for the mining industry as a whole. concluded,” he said. Hashrate refers to the total computing power of networked mining machines and has increased by about 20% since the beginning of the month.
Is the sell-off pressure over?
Revenue for miners has been declining since March 2022 and at the same time Bitcoin was trading lower. This, combined with the rise in energy prices, has drastically thinned margins for companies in the market. The reversal in these trends that began earlier this year has given miners much-needed breathing room.
At the same time, Bitcoin’s trading volume also jumped from $499.34 in February on Thursday to $689.68 in March. It should be noted that prior to this, BTC miners began to transfer their reserves to centralized exchanges. Recent metrics show that this selling pressure from miners will ease for a while.
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