Will Bitcoin Make History with Seventh Profit Month?

Bitcoin is on the verge of an exceptional performance: posting profits for seven straight months. This impressive run, which started in September 2023, has only happened once before in bitcoin’s history. The rise in the value of bitcoin is largely due to rising expectations surrounding the adoption of bitcoin exchange-traded funds (ETFs), which is fueling renewed interest in the crypto market.

A look at bitcoin’s past

The last time bitcoin experienced such a sustained rise was in 2012, when the price of bitcoin rose from $4.89 to $12.37 in seven months. According to crypto firm Matrixport, this is only the second time in Bitcoin history that positive returns have been achieved for seven months in a row. After the 2012 run, there was a 10% decline the following month, before another six months of positive returns.

This is only the second time in #Bitcoin’s history that seven consecutive months of positive returns have been achieved. 📈Back in 2012, the following month saw a 10% decline before another six months with consecutive positive returns were generated.

🚀Record-breaking times… pic.twitter.com/UrmO42VPYm

— Matrixport (@realMatrixport) March 27, 2024

Investor interest in bitcoin

The current positive mood in the market has led to significant capital inflows. For example, Coinbase, a major US exchange, recently experienced its largest inflow of USD Coin (USDC) stablecoin, worth $1.4 billion. This influx, reported by CryptoQuant, indicates strong buying interest and suggests that more investors are ready to participate in the crypto market.

The expected bitcoin halving

The crypto community is also closely watching the upcoming bitcoin halving event, which will halve the daily production of BTC. This event typically leads to an increase in mining difficulty and has historically been associated with bullish price movements. The halving is expected to further increase bitcoin’s scarcity, potentially adding additional fuel to its ongoing upward momentum.

As March draws to a close with Bitcoin trading at $70,000, the market is looking forward to seeing if this will indeed be the seventh consecutive bullish month for BTC.