Bitcoin Aims For its First-Ever Seven-Month Winning Streak

According to TradingView data, Bitcoin’s BTC chart may show its seventh consecutive monthly green candle by the end of March, provided that the Bitcoin price remains above February’s closing value of $61,130.

This marks Bitcoin’s inaugural seven-month consecutive uptrend. The previous instance of six consecutive monthly green candles occurred from October 2020 to March 2021, during which Bitcoin surged by 445%, soaring from $10,781 to $58,783. Subsequently, after the sixth monthly close, Bitcoin witnessed a 40% decline over the ensuing three months, dropping from $58,790 to $35,037.

Matthijs de Vries, founder of AllianceBlock, informed in an interview that while Bitcoin has typically experienced corrections before halving periods, the influx from spot Bitcoin exchange-traded funds (ETFs) might drive price surges in the days ahead:

“From its current level of $63,878, the constant inflow into the spot Bitcoin ETF will serve as a major boost to drive price growth in the coming days. With the BTC halving cycle also closing in, the bullish sentiment will be complemented overall. For the end of Q1, I foresee Bitcoin settling at $74,000.”

Even amidst a significant sell-off by spot Bitcoin ETFs, investors are seizing the opportunity to buy the dip, as highlighted in a March 22 post on X by Willy Woo, a Bitcoin analyst and managing partner at CMCC Crest:

“ETF investors showing they’re noob. On the first dip ETFs did $1.6b of outflows while the Bitcoin network received $1.1b of total net flows. This means plenty of self custody investors bought the dip.”

Interesting monthly close coming up!