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Bitcoin (BTC) Rally Could Stretch to Eight Months

source-logo  beincrypto.com 30 March 2024 17:43, UTC

Bitcoin is poised to achieve its seventh consecutive month of gains, a feat witnessed only once in its history.

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 consistently surpassed the previous month’s figures, indicating a sustained upward trajectory. As the end of March approaches, with Bitcoin trading at $70,000, the market could witness a seventh consecutive bullish month for BTC.

The last time Bitcoin sustained a seven-month streak was in 2012 when its price surged from $4.89 to $12.37. Notably, following this streak, Bitcoin experienced a 10% decline.

“This is only the second time in Bitcoin’s history that seven consecutive months of positive returns have been achieved. Back in 2012, the following month saw a 10% decline before another six months with consecutive positive returns were generated,” crypto firm Matrixport explained.

Bitcoin Monthly Returns. Source: Coinglass

The current bullish sentiment has further attracted substantial capital inflows into the market. Coinbase, a prominent US-based exchange, recently witnessed its largest influx of USD Coin (USDC) stablecoin, totaling $1.4 billion, as reported by CryptoQuant. Market analysts interpret this surge in stablecoin deposits as a sign of robust buying interest, potentially facilitating increased participation in the crypto market.

The influx of USDC provides liquidity, enabling investors to enter the market and acquire digital assets. With heightened investor activity, Bitcoin’s quest for a new price record may encounter less resistance, potentially leading to further price appreciation and the continuation of its winning streak.

Read more: Bitcoin Price Prediction 2024 / 2025 / 2030

Meanwhile, the market still awaits an impending Bitcoin halving that would reduce miner rewards and boost Bitcoin’s scarcity. This event, expected to cut in half the amount of BTC produced daily by miners, has historically triggered increased mining difficulty and bullish price movements.