Bitcoin is poised to achieve its seventh consecutive month of gains, a feat witnessed only once in its history.
The streak began in September 2023, driven by expectations surrounding the approval of a Bitcoin exchange-traded fund (ETF).
Bitcoin 7 consecutive month record
Since September 2023, Bitcoin has consistently outperformed the previous month's numbers, indicating a sustained upward trajectory. As the end of March approaches, Bitcoin is trading at $70,000, and the market could witness a seventh consecutive month of BTC bull run.
The last time Bitcoin rose for seven straight months was in 2012, when the price soared from $4.89 to $12.37. Notably, after this continuous rally, Bitcoin experienced a 10% decline.
“This is the second time in Bitcoin history that seven consecutive months of positive returns have been achieved. Back in 2012, the following month saw a 10% decline, followed by another six months. We have had consecutive positive returns,” said crypto firm Matrixport. explained.
The current bullish mood is further fueling significant capital inflows into the market. Coinbase, a prominent US-based exchange, recently witnessed its largest USD Coin (USDC) stablecoin inflow totaling $1.4 billion, according to a report by CryptoQuant. Market analysts interpret this surge in stablecoin deposits as a sign of strong buying interest, which could drive increased participation in the crypto market.
USDC inflows will provide liquidity and allow investors to enter the market and acquire digital assets. With increased investor activity, Bitcoin's pursuit of a new price record will be met with less resistance, potentially leading to further price increases and a continuation of the winning streak.
Read more: Bitcoin Price Prediction 2024/2025/2030
Meanwhile, the market is still waiting for the impending Bitcoin halving, which will reduce miners' rewards and increase Bitcoin's scarcity. This event is expected to reduce the amount of BTC miners produce each day by half, and has historically caused increased mining difficulty and bullish price movements.
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