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Bitcoin is currently on track to record a four-month losing streak.
This specific sequence (four or more consecutive negative monthly candles) has not occurred since 2018. The year was infamous for the excruciatingly brutal "crypto winter" that drove BTC prices down to the $3,000 range.
Bitcoin's slide began with a modest drop of 3.69% in October. During this month, the cryptocurrency lost its momentum after hitting a new record high.
In November, the floor fell out. Bitcoin plummeted 17.67%. This was the worst single month since the FTX collapse in late 2022.
Bulls failed to mount a "Santa Rally," which resulted in a 2.97% decline.
The new year has offered no respite despite a short-lived rally. If January closes red, this confirms a four-month bearish block.
The last time this occurred was the second half of 2018.
In 2018, the streak actually extended to five months.
If today mirrors 2018, we haven't seen the "flush" yet. A true 2018-style repetition would imply a sudden, violent crash to finally wipe out stubborn holders.
Getting crushed by silver
In the meantime, silver prices are currently outperforming Bitcoin by one of the widest margins on record.
The performance divergence over the last 13 months is nothing short of historic.
The metal has surged by 270%. In the same period, the flagship cryptocurrency has actually lost value, plunging by 11%.
Silver’s total market capitalization is now 3.5 times larger than Bitcoin’s.
Alex Dovbnya
Caroline Amosun
Arman Shirinyan