Bitcoin on track to post 5 consecutive profitable months by January 2024

Bitcoin enthusiasts have reason to rejoice as the popular cryptocurrency is set to post its fifth consecutive month of profitability in January 2024, driven by its impressive price history. Data from CryptoRank shows that since 2011, Bitcoin’s average return has remained at 10.5%, with a median return of 9.93%.

Over the past 13 years, Bitcoin has only experienced negative price fluctuations in the first month 5 times, with the remaining cases ending in green candles. It is worth noting that the most recent negative growth was in 2022, which was a 16.9% decrease from the previous month. On the contrary, January 2023 was one of Bitcoin’s most successful months, achieving nearly 40% growth, second only to early 2013.

Bitcoin monthly profit | Source: Crypto Ranking

If Bitcoin ends January 2024 on a positive note, it will mark its fifth consecutive profitable month starting in September 2023. Among them, the increase in October was the most significant. 28.5%, contributing to Bitcoin’s best quarterly profits in the past 3 years, culminating in an impressive 57.7%.

Even though the cryptocurrency is 14 years old and has been an exchange-traded asset for nearly a decade, the cryptocurrency market remains unpredictable. Bitcoin price history, while a powerful indicator, is certainly elusive in the volatile cryptocurrency world.

The question on everyone’s mind is, can BTC guarantee another profitable month in January 2024? Only time will tell and we will revisit this query in a month as all crypto enthusiasts are eagerly waiting for the results.

These are the most important Bitcoin price predictions for 2024

The world gets busy after Bitcoin price surges 150% in 2023 Speculate What might happen to the crypto kings of 2024.

As we enter the new year, a series of predictions from industry experts set the stage for another tumultuous year. Experts’ predictions are varied and bold, ranging from a conservative $60,000 to a staggering $500,000.

2024 has begun with a slew of predictions about Bitcoin’s price trajectory. Seasoned investor Mark Mobius puts it at $60,000, while other industry giants like Bit Mining and CoinShares are more optimistic, with predictions of $75,000 and $80,000 respectively.

The optimism doesn’t end there, with Nexo, Standard Chartered and academic Carol Alexander all among the $100,000 bandwagon.

Matrixport takes BTC to new heights, predicting price of $125,000. Meanwhile, venture capitalist Tim Draper continues to maintain his $250,000 forecast.

The most optimistic prediction belongs to CoinFund, which predicts that Bitcoin could surge to a staggering $500,000.

Potential Game Changers in 2024

The highlight of Bitcoin’s 2024 growth potential is the highly anticipated approval of a Bitcoin ETF. Michael Saylor of MicroStrategy fame believes this is a pivotal moment for Bitcoin and could be Wall Street’s biggest shakeup in decades.

With heavyweights like BlackRock and Cathie Wood’s Ark Invest racing to launch a Bitcoin ETF, the odds are high. ETF analyst James Seyffart has marked early January as a key date for possible SEC approval, which has the cryptocurrency community buzzing.

Still, there are some caveats to this optimism. Analysts at CryptoQuant have warned that a “truth for sale” scenario could cause Bitcoin prices to plummet to $32,000 once the ETF is approved. However, Blockstream CEO Adam Back believe This won’t happen.

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According to AZCoin News