Quick Take
As per Coinglass data, Bitcoin appears to be carving a path of consistent gains, eyeing its fourth successive month of profitability. Breaking down the numbers, Bitcoin demonstrated a weekly profitability streak of eight, a record unseen in recent years. The last quarter of 2023 witnessed a steady climb, with September logging a 3.91% gain, October a substantial 28.52%, November 8.81%, and December so far with a healthy 12.07%.
Interestingly, this isn’t Bitcoin’s first series of consecutive profitable months in 2023. The digital asset had previously delivered a solid performance from January to April. Taking a stroll down memory lane to the bull run of 2020 to 2021, Bitcoin outdid itself with six unbroken months of gains from October 2020 to March 2021, a record for the digital asset. In comparison, 2017 and 2019 saw five back-to-back profitable months.
Looking forward, Bitcoin must maintain three months of profitability in the first quarter for a record-breaking attempt. With the prospect of an ETF and an impending halving, the stage is set for possible disruption.
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