Bitcoin, the renowned cryptocurrency, is poised to achieve its fifth consecutive month of profitability in January 2024, instilling optimism among its enthusiasts. Fueled by its impressive price history, Bitcoin has showcased an average return of 10.5% since 2011, with a median return of 9.93%, according to data analysis.
Over the past 13 years, Bitcoin has encountered negative price movements in the first month only five times, with the remaining instances resulting in positive returns. Notably, the last negative January was in 2022, witnessing a 16.9% month-on-month decline. Conversely, January 2023 emerged as one of Bitcoin’s most successful months, experiencing nearly 40% growth — second only to the early days of 2013.
If Bitcoin concludes January 2024 on a positive note, it will mark the fifth consecutive month of profitability, extending a streak that commenced in September of the previous year. Among these months, October stood out with a remarkable 28.5% increase, contributing to Bitcoin’s best quarter in terms of profitability in the past three years, concluding at an impressive 57.7%.
Despite Bitcoin’s extensive 14-year history and its nearly decade-long existence as an exchange-traded asset, the cryptocurrency market remains unpredictable. While historical data serves as a robust indicator, it serves as a reminder that certainty is elusive in the volatile world of cryptocurrencies.
The burning question of whether Bitcoin will secure another profitable month in January 2024 remains unanswered. Only time will unveil the outcome, leaving the crypto community eagerly anticipating the market dynamics over the coming month.