Bitcoin (BTC) has the potential to end this month on a positive note, marking its seventh consecutive month of growth, which would be a historic achievement.
According to data from Tradingview, if Bitcoin maintains a price above $61,130, it could close March with a green candle on the monthly chart for the seventh month in a row.
This would be the first time in history that Bitcoin has experienced such a sustained period of growth for seven consecutive months. The last time the cryptocurrency saw six consecutive green candles was from October 2020 to March 2021, during which time BTC surged by 445% from $10,781 to $58,783. However, following the sixth green monthly close, the price of Bitcoin dropped by 40% over the next three months, falling from $58,790 to $35,037.
Despite this historical trend of corrections during the pre-halving period, there is optimism that the recent inflows from spot Bitcoin exchange-traded funds (ETFs) could contribute to a price increase in the coming days. Matthijs de Vries, the founder of AllianceBlock, stated that the influx of funds from these ETFs could be a driving factor in Bitcoin’s price movement.
As of 4:30 pm UTC, Bitcoin’s price had experienced a 6.1% decline over the past week, reaching $64,177. However, when looking at the monthly chart, Bitcoin is still up by over 25%.
Crypto analyst Rekt Capital has analyzed historical chart patterns and believes that Bitcoin is currently in a pre-halving correction zone. This suggests that there may be further price fluctuations ahead.
Despite a sell-off by spot Bitcoin ETFs, there are reports of investors taking advantage of the price dip. Bitcoin analyst and managing partner at CMCC Crest, Willy Woo, noted that investors are buying the dip, indicating confidence in the cryptocurrency’s long-term prospects.
It’s important to note that this article does not provide investment advice or recommendations. Investing in Bitcoin or any other asset carries risks, and readers should conduct their own research before making any investment decisions.