Bitcoin has achieved a monumental monthly close at $71,285 on the Bitstamp exchange. This marks a historic milestone as the leading cryptocurrency has closed above the previous cycle peak for the first time.
Currently, Bitcoin is trading at $70,441 on the Bitstamp exchange, retracing some of its earlier gains. Volatility has been relatively low over the past 24 hours, with approximately $114 million worth of long and short positions being liquidated. Of these liquidations, short positions accounted for the majority at $74 million.
Does this cycle stand out from the rest?
It’s noteworthy that Bitcoin has now achieved seven consecutive months of gains, matching its longest streak ever. The only other time it achieved this feat was back in 2012, spanning from March to September.
Since September 2023, the leading cryptocurrency has surged by an impressive 175%.
For context, Bitcoin had six consecutive green months from October 2021 to March 2021.
Bitcoin evangelist Alessandro Ottaviani suggests that the approval of multiple Bitcoin exchange-traded funds earlier this year may have heralded the onset of a new era for Bitcoin.
Optimistic forecasts
According to U.Today, hedge fund manager Mark Yusko has recently forecasted that the price of the primary cryptocurrency could soar to $150,000 this year. He attributed this potential substantial surge to the upcoming halving event, serving as the primary catalyst.
Similarly, Mike Novogratz from Galaxy Digital anticipates Bitcoin surpassing the $100,000 mark sometime this year.
In addition, American businessman and author Robert Kiyosaki has made a prediction that the price of the dominant cryptocurrency could exceed $300,000.