Bitcoin has been on a roll lately and especially over the last 30 days. Bitcoin’s gains for the month of February total around $18,600 or a whopping 43.71%. In no other month in the 15 years that Bitcoin has existed has there ever been a monthly gain of over $18k. In 2017 there are a few months that did better on a percentage basis but that was at prices below $10,000 which is a price I believe we will never see again.

Yet Bitcoin still has a lot of upside potential ahead in store if you are to believe me or the countless analysts who agree that sometime in 2024, we will see prices surpass the $100k level and reach as high as $150k or even $200k. 

ETFs will cause BTC to have longest extended rally ever seen

Bitcoin has had some insane rallies in its 15-year history but non have gone on for as long as the current one. Never has Bitcoin seen a rally spanning over six months in time. If the current trend continues and we see March remain in the green then Bitcoin will have broken its record for the time span of any run-up in history. With the spot ETFs steadily growing along with the price this may be the first ever occurrence of seven consecutive monthly gains.

As the growth of the various spot Bitcoin ETFs continues their aggregated holdings (including GBTC) have reached 800,000 Bitcoin. Only eight and a half weeks old the spot ETFs have increased dramatically over the past two weeks. At the start of this week (March 4) daily trading volume reached just under $10 billion. The daily volume on centralized exchanges was beyond six times larger ($62.5 billion) but the gap is shrinking just last month the ratios was 10 to 1 in favor of CEXs and so far for this month is averaging 6 to 1. That is a dramatic shift in the source of buyers coming into the market.

The spot Bitcoin ETFs are attracting buyers who have never owned Bitcoin before, and that is the ground breaking change that will propel Bitcoin past $70,000 next week.