Bitcoin on track for rare six months of consecutive gains

Quick Take

Bitcoin is on track to carve out its sixth straight month of gains, a rare occurrence that has only transpired once since 2013. This upward momentum started in September 2023, when Bitcoin ETF speculation catalyzed a sharp surge, propelling the digital asset market into Q4 with heightened enthusiasm.

Bitcoin registered a 4% climb in September, followed by an impressive 29% leap in October. This momentum continued with a 9% rise in November, a 12% ascent in December, a 1% increase in January 2024, and currently a 23% boost in February. Consequently, Bitcoin’s price catapulted from $25,000 to $52,000.

The last instance of such a sustained positive streak was observed during the 2020-2021 bull run, where Bitcoin rallied from $10,000 to $60,000 from October 2020 to March 2021. Historical performance reinforces optimism for February’s close, as, since 2013, only two negative months have been recorded for February, while the average and median gains for the month stand at 14% and 15% respectively.

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