Historically, when a Bitcoin monthly candle closes above previous candles the digital asset has seen a prolonged rally.
Atop this high time frame pattern, Bitcoin's monthly candle in September closed above $13,000 for the first time since 2017.
In terms of the 'BTC rally' narrative, the timing for a new Bitcoin rally makes sense.
Every four years, Bitcoin undergoes a block reward halving which reduces the pace at which new BTC is mined by 50%. The price of BTC typically peaked 14 to 16 months after the halving in the past two cycles.
In 2017, Bitcoin saw massive inflows of new retail money flowing in the U.S., South Korea, and Japan.
Three years ago, there was a mainstream frenzy around Bitcoin and cryptocurrencies in general because they surged significantly higher than stocks and other risk-on assets.
New retail investors were allured by the unprecedented volatility cryptocurrencies provided, causing Bitcoin to rally to a new all-time high.
Currently, Bitcoin is demonstrating a parabolic uptrend wherein on the weekly and monthly charts, it is rising without major pullbacks.
Most recently, as Cointelegraph reported, billionaire hedge fund investor Stan Druckenmiller became the latest high-profile investor to disclose his investment in Bitcoin.
The Bitcoin price is showing resilience after achieving $15,000 for the first time since 2017.
Bitcoin monthly candle close signals possible mega rally in December
에 게시 됨 Nov 11, 2020
by Cointele | 에 게시 됨 Coinage
Coinage
이 기사에서 언급
최근 뉴스
모두보기
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.