Bitcoin, is on track to win its seventh consecutive month, heading for a remarkable feat that has only been observed once in its history. Bitcoin’s bullish journey began in September 2023, and this process is supported by expectations for the approval of Bitcoin exchange-traded funds (ETFs).
Bitcoin’s Seven-Month Streak
Since September 2023, BTC has consistently surpassed the previous month’s figures, indicating a continuous upward trajectory. As we approach the end of March, the market could witness the seventh consecutive month of bullishness for BTC, with Bitcoin trading at $70,000.
The last time Bitcoin sustained a seven-month streak was in 2012, when its price rose from $4.89 to $12.37. It is noteworthy that Bitcoin experienced a 10% decline after this rise.
“This is only the second month in Bitcoin history to have seven consecutive months of positive returns. Crypto firm Matrixport announced a 10% drop the following month in 2012, followed by six consecutive months of positive returns.”
The current upward trend has brought about a significant amount of capital inflow into the market. Coinbase, a leading US-based exchange, recently witnessed a total inflow of USD Coin (USDC) stablecoins totaling $1.4 billion, as reported by CryptoQuant. Market analysts describe this increase in stablecoin deposits as crypto- It is interpreted as a sign of strong purchasing interest, potentially facilitating increased participation in the market.
USDC flows provide liquidity, making it possible for investors to enter the market and acquire digital assets. With increased investor activity, Bitcoin’s quest for a new price record may meet less resistance, potentially leading to further price appreciation and a continuation of its winning streak.
Meanwhile, the market is still awaiting an upcoming BTC halving that will reduce miner rewards and increase Bitcoin’s scarcity. This event, which is expected to halve the amount of BTC produced daily by miners, has historically triggered increased mining difficulty and bullish price movements.
