Bitcoin is poised to surpass two all-time highs in the next few hours by trading around $70,800. Bitcoin, which uses universal standard time, is hours away from reaching its highest monthly candle ever, up 13% from the 2021 all-time high. .
While Bitcoin reached an all-time high of $68,900 in 2021, it never closed a monthly candle above $61,400. Twice, he broke the $60,000 mental resistance, once between March and April and once between October and November. However, in no case has the most vital virtual asset been to stay above this critical level?
On the monthly chart, the thick part of the candlestick indicates the initial and ending prices, while the thin “wicks” show the full magnitude of the price movement over the period. A green candlestick indicates a month in which the price ended above what it started. – then the low of the candlestick is the open and the high is the close. A red candle shows the opposite, where the value at the end of the month was lower than at the beginning.
In March 2021, Bitcoin closed at $58,800 after a monthly high of $61,700, and then in April, it closed down $100, or around $58,700, although it hit a new all-time high of $64,700 earlier this month.
After a 55% drop to $29,000, Bitcoin rallied at the end of the year to reach new all-time highs in October and November. However, Bitcoin closed well below the new two-month high, down 8. 5% and 17%, respectively. .
In 2024, Bitcoin surpassed all previous highs and reached $73,640 this month, nearly 7% above the 2021 high. Last month, Bitcoin closed around the point of 2021 at $61,100, so with existing costs and any monthly close above $61,400 it will be a new per month high.
While Bitcoin seems to warrant a monthly close above $70,000, it will also achieve seven consecutive green candles per month for the first time in over 12 years. In 2012, Bitcoin had seven green months, up 152% from the era. However, in its current era, which began in September 2023, Bitcoin has soared more than 170%, marking its most powerful seven-month era on record.
Bitcoin Monthly Candlesticks 2009 to 2024
In recent months, Bitcoin has also hit a new all-time high ahead of a halved event for the first time. The cycle highs beyond occurred midway through a never-deeper-halving cycle. The inflow of capital from Bitcoin ETFs and the resulting pressure on their constant source has had a definite effect on the price.
Historically, Bitcoin has its bull season after halving, but the last seven months suggest that it came early. It remains to be seen whether the next cycle will reveal a new trend in a post-ETF Bitcoin world. However, two all-time Bitcoin one-month highs, less than 30 days after the halving, are unprecedented and open an upward path toward the start of the next four-year cycle.
It’s prudent that beyond functionality is never indicative of long-term returns, as with any investment. Bitcoin has a unique composition, but value discovery is based on market forces just like any other asset.