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Bitcoin’s most recent six monthly candles closed in the green, breaking all the records set over the past 10 years.
Bitcoin has just closed with six consecutive green monthly candles for the first time since April 2013. If history does repeat itself, Bitcoin could show even more devastating bulls this year.
In April 2013, Bitcoin closed at around $ 140 after creating six green monthly candles. The market then fell below $ 100 over the next two months, but Bitcoin rose 700% over the next six months and tagged the price above the $ 1,000 mark for the first time in history.
Chart Bitcoin price posted a similar pattern that led to a parabolic bull run in 2017, with 5 consecutive monthly green candles in September. While September saw BTC consolidate within the range of limits, the asset has rise to a new all-time high in October to rise from $ 5,000 to nearly $ 20,000 by the end of that year.
According to Bloomberg strategist Mike McGlone, Bitcoin could be traded for over $ 400,000 by 2022, if the market followed previous trends, which we saw throughout 2013 and 2017. McGlone also recently stated that Bitcoin is “on its way to becoming a global digital reserve asset …”
Veteran trader, market analyst, Peter Brandt is also optimistic about Bitcoin, predicting the top cryptocurrency asset could rise by 250% to surpass $ 200,000.
I think we are in a midpoint pause, where in 2017, Bitcoin turned around for a month or two before we saw the final move appear.
However, past trends don’t guarantee future performance, and the history of green candles is a bit murky as well. Although Bitcoin showed 5 consecutive green monthly candles at the end of 2015, in the early weeks of 2016, BTC’s value fell 20% before entering a few months sideways.
Similarly, 5 consecutive months of uptrend that began in 2019 were followed by a lingering downtrend, with BTC down more than 60% from its 2019 high amid “Black Thursday” in December. 3 2020. After that, the property was unable to return to the high price of 2019 until December 2020.
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