Bitcoin is closing six monthly green candles for the first time since 2013

Bitcoin has just closed six consecutive monthly green candles for the first time since April 2013. If history repeats itself, bitcoins can enjoy further parabolic gains this year.

In April 2013, bitcoins closed at about $ 140 after the release of six green moon candles. While markets would shrink to less than $ 100 in the next two months, bitcoin would then rise sharply by 700% over the next six months, marking prices above $ 1,000 for the first time.

BTC / USD since 2012, 1m spark plugs: Business view

Bitcoin showed a similar model at the forefront until the parabolic bull run in 2017, with markets announcing five consecutive green moon candles heading into September. While in September there was a BTC following a scale consolidation, bitcoin rose to new all-time highs in October, rising from $ 5,000 to almost $ 20,000 by the end of the year.

According to Bloomberg’s strategist Mike McGlon, bitcoins could trade more than $ 400,000 by 2022if the markets followed the trends we witnessed in 2013 and 2017. McGlone recently stated that bitcoin is “well on its way to becoming an asset in global digital reserves.”

Veteran trader and market analyst Peter Brandt is also a bull in bitcoins, prediction BTC could gain another 250% and break above $ 200,000. “I think we’re in that Wednesday break, where bitcoins swirled for a month or two in 2017 before we saw the last move up,” he said.

However, past trends do not guarantee future performance and the history of green candles is a bit dark. Despite the fact that bitcoins released five green moon candles in a row at the end of 2015, in the first weeks of 2016, BTC fell by 20% before consolidating for several months.

Similarly, after five consecutive months of upward dynamics that triggered 2019, a long-term declining trend followed, with BTC declining by more than 60% from its 2019 highs amid the Black Thursday crash in March 2020. Bitcoin did not recover its price of the year 2019 – high until December 2020.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button