Bitcoin ( BTC ) could be on track to close its seventh consecutive month in the green, for the first time in history.
The Bitcoin chart could print its seventh consecutive monthly green candle at the end of March, if Bitcoin price stays above February’s close of $61,130, according to data by Tradingview.
This would be the first time that Bitcoin price rose for seven months in a row. The last time the Bitcoin chart printed six monthly green candles was from October 2020 to March 2021, when BTC rose 445% from $10,781 to $58,783. Following the sixth green monthly close, Bitcoin price fell 40% in the following three months, from $58,790 to $35,037.
Bitcoin has historically seen corrections during the pre-halving period, but the inflows from the spot Bitcoin exchange-traded funds (ETFs) could lead to a price increase in the coming days, Matthijs de Vries, the founder of AllianceBlock, told Cointelegraph:
"From its current level of $63,878, the constant inflow into the spot Bitcoin ETF will serve as a major boost to drive price growth in the coming days. With the BTC halving cycle also closing in, the bullish sentiment will be complemented overall. For the end of Q1, I foresee Bitcoin settling at $74,000."
Bitcoin price fell 6.1% during the past week to $64,177 as of 4:30 pm in UTC. The world’s first cryptocurrency is up over 25% on the monthly chart.
Based on historical chart patterns, Bitcoin remains in the pre-halving correction zone, according to crypto analyst Rekt Capital, who wrote in a March 22 X post:
“Bitcoin remains firmly in the "Danger Zone" where historical Pre-Halving Retraces occur (orange). As a result - when it comes to downside, anything can still happen over the coming 26 days or so until the halving .”
Despite a larger sell-off by spot BitcoinETFs, investors are buying the dip, according to a March 22 X post by Willy Woo, a Bitcoin analyst and managing partner at CMCC Crest, who wrote:
“ETF investors showing they're noob. On the first dip ETFs did $1.6b of outflows while the Bitcoin network received $1.1b of total net flows. This means plenty of self custody investors bought the dip.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
