Even though the BTC price has been falling in the last few days, it is still at levels that are hard to imagine compared to the same period last year. Investors who take advantage of bear markets found great selling opportunities, and Bitcoin set its new all-time high this month at $73,777.
Bitcoin (BTC) Aims for a Seven-Month Winning Streak
BTC price ended February at $61,130, and if it can close above this in March, it will mark the first time it has achieved a seven-month winning streak. The last time Bitcoin saw a green candle close for six months was from October 2020 to March 2021, climbing from $10,781 to $58,783, a 445% increase.
What happened next? We saw the price drop by 40% in the three months following the sixth month before reaching the ATH level. During that period, the price fell from $58,790 to $35,037. Matthijs de Vries, founder of AllianceBlock, made some assessments about why that period was an exception.
For the first time, we saw approval for a Spot Bitcoin ETF, which led to new ATHs instead of major corrections before the halving. Vries also suggests that ETF inflows could trigger even bigger peaks in the coming period.
“From the current level of $63,878, continuous inflows into spot Bitcoin ETFs will serve as a strong support for price increases in the coming days. With the BTC halving cycle approaching, the bullish sentiment will generally be complete. I predict Bitcoin will reach $74,000 by the end of the first quarter.”
Bitcoin Price Forecast
Rekt Capital, known for accurate predictions in the past, but who misjudged the market before the last rally, expecting a significant price drop, has shared his new market assessment. According to him, the danger is not over yet, and we will see this soon.
“Bitcoin continues to stay in the ‘Danger Zone’ (orange), where historical pre-halving corrections have occurred. As a result, anything could happen in the next 26-30 days.”
Willy Woo, managing partner at CMCC Crest, argues that despite strong sales through the ETF channel, investors buying the dip could trigger a rise. And of course, no one can see the future, so you are on your own when determining your investment strategies.
