Bitcoin (BTC) may achieve a historic milestone by closing its seventh consecutive month in the green. In order to accomplish this, Bitcoin’s price needs to remain above $61,130, which was its closing price in February, as indicated by data from Tradingview.
If Bitcoin manages to meet this criteria, it will be the first time in history that its price has risen for seven consecutive months. The last time Bitcoin experienced six consecutive monthly green candles was from October 2020 to March 2021, during which time its price surged by 445% from $10,781 to $58,783. However, following the sixth green monthly close, Bitcoin experienced a 40% drop in the subsequent three months, falling from $58,790 to $35,037.
It’s worth noting that Bitcoin typically experiences corrections during the pre-halving period. However, the influx of funds from spot Bitcoin exchange-traded funds (ETFs) could potentially lead to a price increase in the coming days, according to Matthijs de Vries, the founder of AllianceBlock.
As of 4:30 pm UTC, Bitcoin’s price has fallen by 6.1% in the past week to reach $64,177. However, on the monthly chart, the world’s first cryptocurrency is still up by over 25%.
Crypto analyst Rekt Capital suggests that based on historical chart patterns, Bitcoin is currently in the pre-halving correction zone, as stated in a post on March 22.
Despite a sell-off by spot Bitcoin ETFs, investors are taking advantage of the dip and buying Bitcoin, according to Bitcoin analyst and managing partner at CMCC Crest, Willy Woo.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.