Historical data indicates that four-month winning streaks in Bitcoin’s value have often been followed by an average increase of 260% over the following year.
Bitcoin, the flagship cryptocurrency, rose 1.5% on Sunday. Its price is currently hovering around $29,600 on the Bitstamp exchange. The flagship coin has risen over 6% in the past seven days.
Historical data suggests that four-month winning streaks in Bitcoin’s value often preceded an average 260% increase over the following year, according to Bloomberg. If this pattern holds, the largest cryptocurrency could hit an all-time high of $105,000.
Notable streaks of monthly gains for Bitcoin include a six-month period from November 2012 to April 2013, during which its price rose from around $10 to over $259. Another significant period was the six-month streak from April 2017 to August 2017, when Bitcoin’s price surged from around $230 to over $400. These past trends provide additional context for the potential for a push towards the coveted $100,000 mark in the future.
As reported by U.Today, Standard Chartered, a leading global bank, also predicted that Bitcoin could hit $100,000 by the end of 2024, signaling the arrival of a new crypto spring.
Last year, Bitcoin suffered a 60% drop following a series of high-profile industry failures. Chief among them was the implosion of cryptocurrency exchange FTX.
With the potential for a $100,000 rise on the horizon, investors and enthusiasts will be watching the cryptocurrency’s performance closely in the months ahead.