Bitcoin has just closed six consecutive monthly green candles for the first time since April 2013. Should history repeat, Bitcoin may enjoy further parabolic gains this year.
In April 2013, Bitcoin closed at roughly $140 after posting six green monthly candles. While the markets would retrace to less than $100 over the next two months, Bitcoin would then surge 700% over the following six months and tag prices above $1,000 for the first time.
BTC/USD since 2012, 1m candles: Trading View
Bitcoin posted a similar pattern in the lead up to its parabolic bull run in 2017, with the markets posting five consecutive green monthly candles heading into September. While September saw BTC post range-bound consolidation, Bitcoin surged into new all-time highs in October to rallied from $5,000 to almost $20,000 by the end of the year.
According to Bloomberg strategist, Mike McGlone, Bitcoin could be trading for more than $400,000 by 2022, should the markets follow the trends previously witnessed during 2013 and 2017. McGlone recently claimed that Bitcoin isTitle: Bitcoin closes six monthly green candles for the first time since 2013
Sourced From: cointelegraph.com/news/bitcoin-closes-six-monthly-green-candles-for-the-first-time-since-2013
Published Date: Thu, 01 Apr 2021 04:32:22 +0100