Key Points
- Bitcoin (BTC) could set a record by closing its seventh consecutive month in the green.
- Despite the pre-halving correction phase, investors continue buying the dip.
Bitcoin (BTC) is on the verge of making history by closing its seventh consecutive month with a gain.
If the Bitcoin price remains above February's close of $61,130 by the end of March, it will mark the first time it has risen for seven straight months.
A Historic Run
Previously, Bitcoin had managed to print six monthly green candles from October 2020 to March 2021, during which the cryptocurrency's value soared 445% from $10,781 to $58,783.
However, after the sixth month of gains, the Bitcoin price dropped 40% over the next three months, from $58,790 to $35,037.
Market Predictions
Historically, Bitcoin has seen corrections during the pre-halving period.
However, the influx from spot Bitcoin exchange-traded funds (ETFs) could lead to a price increase in the coming days, according to Matthijs de Vries, the founder of AllianceBlock.
He predicts that the constant inflow into the spot Bitcoin ETF will serve as a significant boost to drive price growth in the coming days, especially with the BTC halving cycle also closing in.
By the end of Q1, de Vries anticipates Bitcoin settling at $74,000.
Over the past week, the Bitcoin price fell 6.1% to $64,177 as of 4:30 pm in UTC.
Despite this, the world’s first cryptocurrency is up over 25% on the monthly chart.
Despite being in the pre-halving correction zone, investors continue to buy the dip.
Crypto analyst Rekt Capital noted that anything could still happen over the coming 26 days or so until the halving.
Despite a larger sell-off by spot Bitcoin ETFs, investors are buying the dip, according to Bitcoin analyst and managing partner at CMCC Crest, Willy Woo.
He noted that on the first dip, ETFs saw $1.6b of outflows while the Bitcoin network received $1.1b of total net flows, indicating plenty of self custody investors bought the dip.
