Bitcoin closes six monthly green candles for the first time since 2013

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Bitcoin just closed six consecutive green monthly ranges for the first time since April 2013. If history repeats itself, bitcoin could see even more parabolic gains this year.

In April 2013, bitcoin closed around $140 after six green monthly candles. While the markets will fall back below $100 in the next two months, bitcoin will rise 700% in the following six months and reach a price above $1,000 for the first time.

BTC/USD from 2012, 1m candles: See the trade

Bitcoin closes six monthly green candles for the first time since 2013

Bitcoin showed a similar pattern before a parabolic bull market in 2017, when markets posted five consecutive green monthly mandles through September. While September saw a consolidation in BTC, October saw bitcoin climb to new all-time highs, rising from $5,000 to nearly $20,000 by the end of the year.

According to Mike McGlone, strategist at Bloomberg, bitcoin could be worth more than $400,000 by 2022 if markets follow the trends of 2013 and 2017. McGlone recently stated that bitcoin is poised to become a global digital reserve asset.

Veteran trader and market analyst Peter Brandt, who is also bullish on bitcoin, predicts that bitcoin could gain another 250 percent to cross the $200,000 mark. I think we’re in the middle of the pause where bitcoin turned in 2017 for a month or two before we saw a definitive move up, he said.

However, past trends are no guarantee of future performance, and the history of green candles is somewhat opaque. Although bitcoin posted five consecutive green monthly bands in late 2015, it plummeted 20% in the first few weeks of 2016, followed by several months of consolidation.

Similarly, five consecutive months of bullishness in 2019 were followed by a prolonged downtrend, with BTC falling more than 60% from the 2019 highs in the wake of the Black Thursday crash in March 2020. Bitcoin didn’t reach its 2019 price again until December 2020.

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Emilia James
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