As Bitcoin (BTC) approaches its third consecutive green month, market analysts are drawing comparisons to the cryptocurrency's performance between October 2020 and March 2021. In that period, Bitcoin's price skyrocketed from $10,400 to $61,700.
According to TradingView data, Bitcoin is up 21% this month and currently trading at $28,093 on the Bitstamp exchange.
This impressive growth comes despite numerous headwinds within the crypto sector. They include regulatory storms against exchanges and individuals as well as a drought of new institutional money entering the market.
Notable recent setbacks include a lawsuit launched like a torpedo by the Commodity Futures Trading Commission (CFTC) against Binance, the world's largest cryptocurrency exchange, and its CEO, Changpeng Zhao, over alleged regulatory compliance violations.Despite the negative headlines casting shadows on the market, Bitcoin's price continues to surge, confounding skeptics and defying expectations.
The largest cryptocurrency has even outperformed both the Nasdaq and gold, attracting headlines once again.
The current three-month winning streak raises the question of whether history is indeed repeating itself, and if so, whether Bitcoin is poised for another parabolic price increase reminiscent of the October 2020 to March 2021 period.
Yuri Molchan
Tomiwabold Olajide
