For the first time since April 2013, green candles have been observed in the Bitcoin (BTC) price for six months in a row. If the process continues, the Bitcoin price may continue to rise at an accelerated rate this year.
In April 2013, Bitcoin started moving towards roughly $ 140 levels after creating green candles six times in a row. Later, the markets watched the BTC price drop below $ 100 within two months. However, the next six months saw an increase of 700 percent, exceeding $ 1,000 for the first time.
Bitcoin caught a similar pattern to the parabolic bull market in 2017, and the markets created five green candles in a row until September. After BTC entered the consolidation process in September, the rise to all-time highs came in October, from roughly $ 5,000 to $ 20,000.
According to Bloomberg strategist Mike McGlone, if the markets follow the trends in 2013 and 2017, Bitcoin could reach over $ 400,000 by 2022. McGlone recently claimed that Bitcoin is “on the way to becoming a global digital reserve asset”.
Experienced trader and market analyst Peter Brandt, on the other hand, said that BTC could gain 250 percent in value and go above $ 200,000. guesses. “I think we’re in a place similar to the cycle that Bitcoin entered for a month or two before seeing its rise in 2017,” he said.
However, past trends do not guarantee future performance. The history of green candles is also somewhat obscure. Although Bitcoin gained five consecutive green monthly candles in late 2015, it was down 20 percent in the first weeks of 2016.
Similarly, it lost more than 60 percent in the “Black Thursday” crash in March 2020, after catching a bullish momentum for five consecutive months in 2019.