On March 31, Bitcoin closed with six green candles, making a similar resemblance to the streak of record that happened back in April 2013.
In its monthly closing data, Bitcoin happened to close with six consecutive monthly green candles for the first time since April 2013. The incident further directs towards Bitcoin enjoying a parabolic increase this year. Back in April 2013, Bitcoin closed at $140 approximately after posting six green monthly candles.
While the markets would go back to less than $100 over the next two months, Bitcoin will surge up to 700% over the following six months, hence showing prices above $1,000.
In 2017, Bitcoin displayed a similar pattern making a parabolic bull run. In the month of October, Bitcoin attained ATH, where it rallied from $5,000 to almost $20,000 by the end of the year. According to Bloomberg strategist, Mike McGlone, Bitcoin may trade for more than $400,000 by 2022, if the markets follow the trends of 2013 and 2017. McGlone recently claimed that Bitcoin is “well on its way to becoming a global digital reserve asset.”
Veteran trader and market analyst, Peter Brandt, being bullish on Bitcoin, predicted that BTC could gain a further 250% to attain a hike up to $200,000. He further said:
I think we’re in that midpoint pause where in 2017 Bitcoin swirled around for a month or two before we saw the final move up.
Even after the positive picture of the green candles, the future performance cannot be predicted based on past trends, also the history of green candles stands a bit shaky, as even after displaying five green monthly candles in a row late in 2015, BTC tanked by 20% in the early weeks of 2016. A similar bullish momentum was witnessed in the five consecutive months of 2019, but soon was followed by a downtrend, with BTC having fallen more than 60% from its 2019 highs. Bitcoin happened to show a downtrend thereafter which continued till 2019, until December 2020.