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Bitcoin’s Record Streak: 7 Months of Wins

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Bitcoin's Record Streak: 7 Months of Wins

Bitcoin (BTC) could be headed for its first-ever seven consecutive months of gains. If the price of Bitcoin stays above $61,130, it could close March with its seventh green monthly candle. This kind of streak has never happened before in Bitcoin’s history. The last time Bitcoin had six consecutive green candles was from October 2020 to March 2021, during which the price rose by 445%. After the sixth candle, the price dropped by 40% in the following three months.

Historically, Bitcoin has experienced corrections before a halving event. The introduction of spot Bitcoin exchange-traded funds (ETFs) could contribute to a price increase in the near future. According to Matthijs de Vries, the founder of AllianceBlock, the constant inflow into the spot Bitcoin ETF will drive price growth. He also predicts that Bitcoin will reach $74,000 by the end of the first quarter.

Despite a 6.1% decrease in price over the past week, Bitcoin is still up 25% on the monthly chart, currently sitting at $64,177. Crypto analyst Rekt Capital suggests that Bitcoin is still in the pre-halving correction zone, meaning that there could still be further downside potential. This period lasts for about 26 days until the halving event.

In spite of a sell-off by spot Bitcoin ETFs, investors are buying the dip. Willy Woo, a Bitcoin analyst, notes that although ETFs saw outflows of $1.6 billion during the first dip, the Bitcoin network received $1.1 billion in net flows, indicating that self-custody investors are taking advantage of the price drop.

Bitcoin is on track to achieve seven consecutive months of gains, something that has never happened before. The introduction of spot Bitcoin ETFs and the impending halving event are factors that could contribute to a further increase in price. Although Bitcoin has seen a correction in the past week, investors are still confident and are buying the dip.

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