© Reuters. Bitcoin (BTC) Shows Promise for Fifth Consecutive Month of Gains in January
U.Today – Enthusiasts have reason to rejoice as the popular cryptocurrency sets its sights on what could be its fifth consecutive month of profitability in January 2024, boosted by its impressive price history. According to Bitcoin data, it has maintained an average profitability of 10.5% since 2011, with an average profitability of 9.93%.
When analyzing the last 13 years, negative price movements have been found only five times in the first month, while the remaining cases closed in green. It should be noted that the last negative January was in 2022, with a month-on-month drop of 16.9%. In contrast, January 2023 emerged as one of Bitcoin’s most successful months, experiencing nearly 40% growth, second only to the early days of 2013.
BTC monthly profitability by If Bitcoin concludes January 2024 on a positive note, it will mark the fifth consecutive month of profitability, extending a streak that began in September of the previous year. Among them, October stood out with a notable 28.5% increase, contributing to Bitcoin’s best quarter in terms of profitability in the last three years, ending with an impressive 57.7%.
Despite Bitcoin’s extensive 14-year history and nearly a decade as an exchange-traded asset, the cryptocurrency market remains unpredictable. History, while a strong indicator, is a reminder that certainty is elusive in the volatile world of cryptocurrencies.
The question on everyone’s mind: will he ensure another profitable month in January 2024? Only time will tell, and we will revisit this query in a month as all cryptocurrency enthusiasts eagerly await the outcome.
This article was originally published on U.Today.
