Bitcoin (BTC) Achieves Record Monthly Close
The Bitcoin price has reached an unprecedented milestone, closing the month at $71,285 on the Bitstamp exchange. This historical achievement marks the first time that the largest cryptocurrency has surpassed its previous cycle peak in a monthly close.
Currently, Bitcoin is trading at $70,441 on Bitstamp, showing a slight retraction from its earlier gains. Over the last 24 hours, there has been relatively low volatility, with only $114 million worth of longs and shorts liquidated. The majority of liquidations were from short positions, amounting to $74 million.
This cycle appears to be distinct, with Bitcoin having a remarkable streak of seven consecutive months of gains. This ties the longest winning streak in its history, which occurred from March to September in 2012. Since September 2023, the flagship cryptocurrency has surged by an impressive 175%.
By comparison, from October 2021 to March 2021, Bitcoin saw six consecutive months of positive performance. Bitcoin evangelist Alessandro Ottaviani speculates that the approval of multiple Bitcoin exchange-traded funds earlier this year may have triggered a new era for the cryptocurrency.
Several bullish predictions have emerged amid Bitcoin’s ongoing rally. Hedge fund manager Mark Yusko expects the price of Bitcoin to potentially surge to $150,000 this year, citing the upcoming halving event as a significant catalyst. Mike Novogratz, the founder of Galaxy Digital, also envisions Bitcoin surpassing the $100,000 mark soon. Furthermore, American businessman and author Robert Kiyosaki predicts that the leading cryptocurrency could surpass $300,000 in value.