Bitcoin Is Heading For Fifth Straight Month Of Gains

Even though the latest cryptocurrency news show that the Bitcoin price is quite stagnant and trading around $11,800 for a couple of days in a row, Bitcoin is heading for the fifth straight month of gains.

The double digit correction in the last 36 hours made Bitcoin lose as much as $1,400 – falling from its high of $13,800 to $12,400 and then $11,800 and below that level. In fact, the price of a single Bitcoin fell to $10,300 at one time on Bitstamp yesterday, retracting 55% of the rally from the June 4 low of $7,432 to the June 26 high of $13,880.

At the time of writing, BTC is changing hands at $11,800 and is down from recent highs. Despite the correction, it seems like Bitcoin is heading for the $12,000 mark and it will be soon before it crosses it. When we see the monthly analysis (as shared by the best cryptocurrency news sites) we can see that the top cryptocurrency is still more than 38% up from its June 1st opening price at $8,546.

With the monthly close being just two days away and the technical studies reporting bullish conditions, BTC is very likely to end June on a positive note. The resulting five-month winning run will be the longest since August 2017 as the charts show.

Speaking of, while Bitcoin is heading for new highs, the cryptocurrency is set to undergo a mining reward halving sometime in May 2020. Furthermore, some observers noted that the rally seen in the first half of this year was backed by institutional money and the inflows may rise in the future, keeping BTC at better bids.

A lot of people are asking themselves what is triggering the Bitcoin rally and if Bitcoin is heading to new highs. From what we can see so far, it seems like it is both retail and institutional money as the main reasons for it.

There seems to be another consensus in the market regarding Facebook’s Libra project. As the coming altcoin news show, the Libra cryptocurrency could let Bitcoin head to new highs and further price gains. All in all, Bitcoin is heading for a new bull run and the factors seem aligned for it.