Alex Dovbnya
Historical data shows that four-month winning streaks in Bitcoin’s value were often followed by an average 260% surge over the next year
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Bitcoin, the flagship cryptocurrency, was up 1.5% on Sunday. Its price is currently hovering around $29,600 on the Bitstamp exchange. The major currency coin is up more than 6% over the past seven days.
Historical data suggests that four-month winning streaks in Bitcoin’s value have often preceded an average 260% surge the following year, according to Bloomberg. If this pattern continues, the largest cryptocurrency could hit a record $105,000.
Notable streaks of monthly gains for Bitcoin include a six-month span from November 2012 to April 2013, during which the price rose from around $10 to over $259. Another significant period was the six-month streak from April 2017 to August 2017, when Bitcoin’s price surged from around $230 to over $400. These past trends provide further context for the potential for a move to the coveted $100,000 mark in the future.
As reported by U.Today, Standard Chartered, a leading global bank, has also forecast that Bitcoin could surge to $100,000 by the end of 2024, heralding the arrival of a new crypto spring.
Last year, Bitcoin suffered a 60% plunge following a series of high-profile industry failures. The most significant of these was the implosion of cryptocurrency exchange FTX.
With the potential for a surge to $100,000 on the horizon, investors and enthusiasts will be keeping a close eye on the cryptocurrency’s performance over the coming months.
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