Bitcoin's on a streak it hasn't hit since 2012
Bitcoin is experiencing a rare three-month winning streak, reminiscent of a 2012 pattern that preceded a massive bull market. Analysts caution that the current market maturity and institutional involvement make direct comparisons to 2012 difficult.
Why it matters
Investors are closely watching historical patterns to predict potential future price movements in the volatile cryptocurrency market.
Bitcoin’s price rose by 4.8% in July and 25.2% in August, according data source CoinDesk. September is also in positive territory, with prices trading 10.9% higher at $86,140 as of this writing.
The only prior such instance dates back to 2012 when prices rose 41.0%, 6.4% and 24.4% in those respective months.
October then broke that streak, with bitcoin falling 9.7% for the month. But the decline bottomed out at $10.17 on Oct. 26, and it was from that low that bitcoin launched into one of the largest rallies in its history, a 165-day run that carried price to $230 by April 2013, a gain of more than 2,000%, according to CoinDesk's analysis of daily price data.
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