Bitcoin could be on track to close its seventh consecutive month in the green for the first time in history.
The Bitcoin (BTC) 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, founder of AllianceBlock, told Cointelegraph:
Bitcoin price fell 6.1% during the past week to $64,177 as of 4:30 pm UTC. The world’s first cryptocurrency is up over 25% on the monthly chart.
Related: Is the Bitcoin halving the right time to invest in BTC?
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:
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:
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.