Bitcoin (BTC) Scores Historic Monthly Close

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Written By Maya Cantina

Contents

  • Is this cycle different?  
  • Bullish predictions 

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The Bitcoin price has managed to record a monthly close at $71,285 on the Bitstamp exchange.

This is a historic event since the largest cryptocurrency has managed to score a close above the previous peak of the cycle for the first time.

At press time, Bitcoin is changing hands at $70,441 on the Bitstamp exchange, paring some earlier gains. 

There has been relatively little volatility over the last 24 hours, with a relatively modest $114 million worth of longs and shorts being liquidated. Short positions accounted for the majority of all liquidations ($74 million). 

Is this cycle different?  

It is worth noting that Bitcoin has now managed to record seven consecutive months of gains. This has tied it for the longest streak it has ever had. Notably, the only other time when the flagship cryptocurrency managed to achieve this was all the way back in 2012 (from March to September).  

The top cryptocurrency is up a whopping 175% since September 2023. 

For comparison, the cryptocurrency recorded six green months in a row during the period from October 2021 to March 2021. 

According to Bitcoin evangelist Alessandro Ottaviani, the approval of multiple Bitcoin exchange-traded funds earlier this year might have triggered the second era of Bitcoin. 

Bullish predictions 

As reported by U.Today, hedge fund manager Mark Yusko recently predicted that the price of the largest cryptocurrency could potentially skyrocket to $150,000 this year. He cited the upcoming halving event as the main catalyst triggering such a massive rally. 

Galaxy Digital’s Mike Novogratz also sees Bitcoin breaking above the $100,000 barrier as soon as this year. 

Meanwhile, American businessman and author Robert Kiyosaki has predicted that the price of the leading cryptocurrency could surpass $300,000.

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