Bitcoin Poised for Historic Seventh Consecutive Positive Monthly Close
Summary:
Bitcoin (BTC) may set a record by potentially closing its seventh consecutive month positively. This rise would need Bitcoin to stay over February's closing price of $61,130 according to Tradingview data. These inflows from spot Bitcoin Exchange-Traded Funds (ETFs), and the nearing BTC halving cycle could foretell continued price increases. Despite a 6.1% drop over the last week, Bitcoin still shows a 25% gain over the month.
For historical, Bitcoin (BTC) seems on the verge of its seventh straight positive monthly close where it would need to stay over the February end at $61,130, indicates data from Tradingview. If such a streak is achieved, it would set a new precedent as never before has Bitcoin seen a seven-month-long uninterrupted climb. From October 2020 to March 2021, Bitcoin previously had a six-month monthly surge from $10,781 reaching $58,783, a whopping 445% rise. However, after this period, Bitcoin witnessed a 40% dip in the next three months, slipping to $35,037 from $58,790.
While corrections during the pre-halving period are commonplace for Bitcoin, the noticeable uptick coming from spot Bitcoin exchange-traded funds (ETFs), suggests a possible surge in the following days, according to Matthijs de Vries from AllianceBlock. He stated that the ongoing inflow into the Bitcoin ETF from its current position of $63,878 could significantly push Bitcoins value - and with the oncoming BTC halving cycle, he anticipates an overall improved sentiment.
The current bitcoin price noted a 6.1% fall over last week, presently standing at $64,177 at 4:30 pm in UTC. Despite the drop, the digital currency has achieved a 25% gain in the monthly comparison.
Crypto analyst Rekt Capital asserts that Bitcoin continues its pre-halving corrective path, based on traditional chart trends. However, despite a marked sell-off by spot Bitcoin ETFs, investors are actively seizing the market downturn - implying they continue to buy at the dip, points out Bitcoin analyst and CMCC Crest managing partner, Willy Woo.
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Published At
3/22/2024 7:52:20 PM
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