Will Bitcoin's 7-Month Winning Streak Continue In April? 10x Research Sees Halving As Key

Bitcoin BTC/USD enthusiasts have something to be optimistic about as April begins, with a new report on Monday highlighting several factors suggesting a potentially strong month for the leading cryptocurrency.

Seven Months Up: Can The Rally Continue?

According to 10x Research, Bitcoin is currently riding a remarkable streak of seven consecutive up months.

10x Research acknowledges this unprecedented situation, noting a similar period of sustained growth historically led to a temporary decline near a halving event, followed by a renewed uptrend.

The Halving Factor: Potential For Continued Growth?

The upcoming Bitcoin halving, scheduled for around April 20, is a significant event that could influence price movements.

10x Research acknowledges that while Bitcoin has already surpassed their projected return of 27% for the pre-halving period, there’s still room for further growth before the halving itself.

Historically, the two months leading up to a halving have witnessed an average rally of 32%, with the last two halvings boasting an even more impressive average return of 47%.

April’s Track Record: A Historically Strong Month

Looking beyond the halving, April itself has a favorable track record for Bitcoin.

Statistics show that six out of the past 10 Aprils have resulted in positive returns for Bitcoin, with an average gain of 12%.

This trend is especially encouraging considering the historical tendency for Bitcoin’s strongest performance to occur in the fourth quarter, with the first quarter often posing challenges.

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MicroStrategy: Overvalued Darling Of The Bull Market?

The report also delves into the performance of companies heavily invested in Bitcoin.

10x Research suggests that MicroStrategy MSTR, a company known for its aggressive Bitcoin acquisitions, may be overvalued based on its current stock price.

They estimate a fair value closer to $1,000 per share, significantly lower than the current $1,700-$2,000 range.

What’s Next: The potential impact of the halving and the future performance of companies like MicroStrategy are just some of the topics that will likely be debated at Benzinga’s upcoming Future of Digital Assets conference, scheduled for Nov. 19.

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