ETF Demand to Determine Bitcoin's Rally Sustainability
Bitcoin's rare 2012-style run is facing a modern test as it tries to sustain its rally beyond September. The cryptocurrency has seen a 10.9% gain in September so far, adding to its gains of 4.8% in July and 25.2% in August.
If this trend continues, it would mark Bitcoin's first winning streak from July to September since 2012. However, the comparison is notable because of its rarity - three consecutive positive months from July through September has only happened once before, in 2012, when BTC rose 41.0% in July, 6.4% in August, and 24.4% in September.
The 2012 sequence did not continue uninterrupted, as October that year broke the pattern with a 9.7% decline. Despite this, Bitcoin then launched a 165-day advance that carried it to $230 by April 2013 - a gain of more than 2,000% from the monthly low.