Bitcoin enthusiasts have reason to cheer as the popular cryptocurrency sets its sights on what could be its fifth straight month of profitability in January 2024, fueled by its impressive price history. According to data, Bitcoin has maintained an average return of 10.5% since 2011, with a median return of 9.93%.
Analysing the past 13 years, it has encountered adverse price movements only five times in the first month. At the same time, the remaining instances are closed in the green. Notably, the last negative January was 2022, witnessing a 16.9% month-on-month decline. 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 4-hour chart
Suppose Bitcoin concludes January 2024 on a positive note. In that case, it will mark the fifth consecutive month of profitability, extending a streak that began in September of the preceding year. Among these, October stood out with a remarkable 28.5% increase, contributing to Bitcoin’s best quarter in terms of profitability in the past three years, finishing at an impressive 57.7%.
Despite Bitcoin’s extensive 14-year history and almost a decade as an exchange-traded asset, the cryptocurrency market remains unpredictable. The history, while a strong indicator, is a reminder that certainty is elusive in the volatile world of cryptocurrencies.
The question on everyone’s mind is, will we secure another profitable month in January 2024? Only time will tell, and we will revisit this query in a month as all the crypto enthusiasts eagerly await the outcome.
