Bitcoin, the flagship cryptocurrency, experienced a 1.5% increase on Sunday. Its price is currently hovering around $29,600 on the Bitstamp exchange. The bellwether coin is up more than 6% over the last seven days. Historical data suggests that four-month winning streaks in Bitcoin’s value have often preceded an average surge of 260% over the following year, according to Bloomberg. If this pattern holds, the largest cryptocurrency could reach a record $105,000.
Notable streaks of monthly gains for Bitcoin include a six-month stretch from November 2012 to April 2013, during which its price increased from around $10 to over $259. Another significant period was the six-month streak from April 2017 to August 2017, when Bitcoin’s price rose from approximately $230 to over $400. These past trends provide further context for the potential of a surge to the much-coveted $100,000 mark in the future. As reported by U.Today, Standard Chartered, a leading global bank, has also forecasted that Bitcoin could surge to $100,000 by the end of 2024, heralding the arrival of a new crypto spring. Last year, Bitcoin suffered a 60% plunge following a series of high-profile industry failures. The most significant of these was the implosion of cryptocurrency exchange FTX. With the potential for a surge to $100,000 on the horizon, investors and enthusiasts alike will be keeping a close eye on the cryptocurrency’s performance in the coming months.