Bitcoin

Rekt

Bitcoin&nbsp;could be on track to close its seventh consecutive month in the green for the first time in history.
<h3 id="can-bitcoin-close-march-above-61-130">Can Bitcoin close March above $61,130?</h3>
The Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;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&nbsp;<a href="https://www.tradingview.com/chart/3Z94myyP/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noopener nofollow">TradingView</a>.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/3645385a-dca2-43e5-9dd5-33af17143737.png" alt="" title="">
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 BTC/USD, 1-month chart. Source: TradingView
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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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/b44ad8b3-3765-4ce9-80b9-ffd1e1bba4d0.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-month chart, 2020–2023. Source: TradingView
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</figure>
Bitcoin has historically seen corrections during the <a href="https://cointelegraph.com/news/bitcoin-halving-2024">pre-halving period</a>, but the inflows from the spot Bitcoin exchange-traded funds (ETFs) could lead to a price increase in the coming days,&nbsp;Matthijs de Vries, founder of AllianceBlock, told Cointelegraph:
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
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:&nbsp;<a href="https://cointelegraph.com/news/is-the-bitcoin-halving-the-right-time-to-invest-in-btc">Is the Bitcoin halving the right time to invest in BTC?</a>
<h2 data-ct-non-breakable="true" id="pre-halving-btc-correction-not-over-but-investors-are-buying-the-dip">Pre-halving BTC correction not over, but investors are buying the dip</h2>
Based on historical chart patterns, Bitcoin remains in the pre-halving correction zone, according to crypto analyst Rekt Capital, who <a href="https://twitter.com/rektcapital/status/1771128917799088262" target="_blank" rel="noopener nofollow">wrote</a> in a March 22 X post:
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/3af4d3d7-39c8-4853-97f2-bdbfdbef4cc1.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart. Source: Rekt Capital
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Despite a larger sell-off by spot BitcoinETFs, investors are buying the dip, according to a March 22 <a href="https://twitter.com/woonomic/status/1771016255866290577/photo/1" target="_blank" rel="noopener nofollow">X</a> post by Willy Woo, a Bitcoin analyst and managing partner at CMCC Crest, who wrote:
<blockquote data-ct-non-breakable="true">
 “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.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/233c0512-1229-4f59-a2a5-3ef8a7469e9f.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin network flows chart. Source: Willy Woo
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Related:&nbsp;<a href="https://cointelegraph.com/news/ether-price-surpass-5-4k-technical-indicator">Key Ethereum price metric targets $5.4K ETH in 2024</a>
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.

Bitcoin eyes 7-month win streak for the first time

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