Bitcoin is on pace for its seventh consecutive month of gains, a feat seen only once in its history.
The uptrend began in September 2023, driven by anticipation of the approval of Bitcoin Exchange Traded Funds (ETFs).
Bitcoin seven-month series
Since September 2023, Bitcoin has consistently outperformed the previous month's values, indicating a continued upward trend. As the end of March approaches and Bitcoin trades at $70,000, the market could see BTC's seventh consecutive month of bullishness.
The last time Bitcoin enjoyed a seven-month rally was in 2012, when its price rose from $4.89 to $12.37. Notably, Bitcoin experienced a 10% decline following this surge.
“This is only the second time in Bitcoin’s history that it has achieved seven consecutive months of positive returns. In 2012, there was a 10% decline the following month before another six months of consecutive positive returns,” explained crypto firm Matrixport.
Monthly Bitcoin Earnings. Source: Coinglass
The current optimistic mood has also led to significant capital inflows into the market. As CryptoQuant reports, Coinbase, a well-known US exchange, recently recorded the largest inflow of USD Coin (USDC) stablecoins totaling $1.4 billion. Market analysts are interpreting this increase in stablecoin deposits as a sign of strong buying interest, potentially facilitating increased participation in the crypto market.
The inflow of USDC provides liquidity and allows investors to enter the market and purchase digital assets. As investor activity increases, Bitcoin's pursuit of a new price record may face less resistance, potentially leading to further price increases and a continuation of its winning streak.
Read more: Bitcoin price prediction 2024/2025/2030
Meanwhile, the market is still waiting for an upcoming Bitcoin halving, which would reduce miner rewards and increase Bitcoin's scarcity. This event, which is expected to halve the amount of BTC miners produce daily, has historically led to increased mining difficulty and rising price movements.
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