Summary
Bitcoin is on track to achieve its seventh consecutive month of gains, a rare feat in its history. The current bullish trend is fueled by anticipation of Bitcoin exchange-traded funds approval and increasing capital inflows into the market. The influx of stablecoin deposits indicates strong buying interest, potentially leading to further price appreciation. The upcoming Bitcoin halving event is expected to reduce miner rewards and boost Bitcoin’s scarcity, historically triggering bullish price movements.
Key Points
1. Bitcoin is poised to achieve its seventh consecutive month of gains, a feat witnessed only once in its history.
2. The last time Bitcoin sustained a seven-month streak was in 2012 when its price surged from $4.89 to $12.37. Notably, following this streak, Bitcoin experienced a 10% decline.
3. The influx of USDC provides liquidity, enabling investors to enter the market and acquire digital assets. With heightened investor activity, Bitcoin’s quest for a new price record may encounter less resistance, potentially leading to further price appreciation and the continuation of its winning streak.