06.04.2024

BTC rises 7 months in a row: how long the rally will last

Bitcoin (BTC) closes in the green candlestick for the seventh consecutive month. This has only happened once in its history.

“The green streak began in September 2023 amid expectations surrounding the launch of spot bitcoin-ETFs.

The BTC rally may take longer

Since September 2023, bitcoin has consistently outperformed the previous month, showing a steady upward trajectory. Today, market participants are likely to witness the seventh consecutive bullish month for BTC.

The last time such a rise was seen was in 2012, when the asset’s price rose from $4.89 to $12.37. Notably, bitcoin has since corrected by 10%.

“This is the second time in history that BTC has posted seven consecutive months of gains. In 2012, there was a 10 percent drop the following month followed by six more consecutive months of positive returns,” Matrixport analysts explained.

Bitcoin’s monthly returns. Source: Coinglass

The current bullish sentiment has attracted significant capital to the market. According to CryptoQuant, US crypto exchange Coinbase recently witnessed the largest USDC stackcoin inflows totaling $1.4 billion, with analysts interpreting the surge in deposits as a sign of high buying interest.

The halving scheduled for late April could also significantly affect BTC’s price performance. The event will halve miners’ remuneration and increase the bitcoin deficit, which has historically led to an increase in the rate of the main cryptocurrency.

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Коля Мельниченко

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