The month of March is about to end with a relevant milestone for Bitcoin (BTC). If it closes above $61,000 (USD), it will mark 7 consecutive months of gains, something that has happened only once in the past.
As seen below, The only time Bitcoin witnessed a bullish trend for so many consecutive months was 12 years ago. in 2012, This can be seen in the following graph from Glassnode Explorer shared By analyst James Van Straten.
It should also be noted that in some exchanges that have been operating since then, such as Bitstamp, according to Explorer trading view, BTC reached not only 7 but 6 consecutive months of growth in 2012. This is due to the different supply and demand pressures within each platform. Thus, in some places, Bitcoin is close to setting a historical record for consecutive bullish months,
The chances of achieving this milestone seem high, as two days before the end of the month, Bitcoin remains around US$70,000, as it has for a week. Moreover, it is mostly trading well above its previous monthly close in March. Its lowest level was reached only on two days of the month.
Therefore, unless some unexpected event occurs that creates downward pressure, this target will be met. However, the Bitcoin market is highly volatile, so there are no guarantees, especially if price increases lead to profit taking.
March was an important month for Bitcoin
The potential realization of seven consecutive bullish months for Bitcoin at the end of this March comes in a period that has been pivotal for the market. This month, the currency surpassed its value record of US$69,000 set two years ago, setting a new all-time high of US$73,000.
it This means prices have increased by almost 200% in the last seven months From September when it was listed at US$25,000. This performance can be seen in the following graph. trading view,
Market growth is driven by various factors. Among them, the prominent one is the launch of a Bitcoin exchange-traded fund (ETF) in the United States at the beginning of the year, which has achieved great demand.
Similarly, another catalyst is the approach of halving, an event that reduces currency issuance by half, thereby reducing selling pressure. As reported by CryptoNoticias, this event, which occurs every four years, will have its next edition at the end of next month, making a continuation of its bullish trend possible.
