Will April Bitcoin (BTC) Extend 7-Month Winning streak?

Bitcoin is poised for its seventh consecutive month of gains, which has only been seen once in its history.

The run to the top began in September 2023, pending approval of Bitcoin exchange-traded funds (ETFs).

Bitcoin's seven-month duration

Since September 2023, Bitcoin has consistently surpassed the previous month's figures, indicating a continuous upward trajectory. As the end of March approaches, with Bitcoin trading at $70,000, the market may witness BTC's seventh consecutive bullish month.

The last time Bitcoin went on a seven-month streak was in 2012, when its price rose from $4.89 to $12.37. Notably, following this streak, Bitcoin experienced a 10% decline.

“This is the second time in Bitcoin's history that there have been seven consecutive months of positive returns. In the year In 2012, there was a 10% drop in the following month before another six months of consecutive positive returns were generated,” explained crypto company Matrixport.

The current bullish sentiment has attracted huge capital inflows into the market. As reported by CryptoQuant, Coinbase, the popular US-based exchange, recently saw the largest influx of USD Coin (USDC) stablecoin at $1.4 billion. Market analysts interpret this stable coin deposit as a sign of strong buying interest, which could facilitate a surge in the crypto market.

USDC migration provides liquidity, allowing investors to enter the market and access digital assets. With higher investor activity, Bitcoin's quest for a new price record may face less resistance, leading to further price appreciation and a continuation of its winning streak.

Read more: Bitcoin price prediction for 2024/2025/2030

Meanwhile, the market is anticipating a Bitcoin halving that will reduce mining rewards and increase Bitcoin scarcity. This event, which is expected to halve the amount of BTC mined daily by miners, has historically sparked mining woes and high price movements.