Bitcoin Is About To Reach Its Largest Monthly Green Candle
In recent weeks, the price of Bitcoin has been on a wild ride with a parabolic rally that began in early April taking the first-ever crypto asset on a journey back toward its all time high price of $20,000. The month of April sure was an exciting time for BTC, but May seems to have been even better to everyone holding the cryptocurrency.
The month of May has been so incredibly bullish, a close above $8,975. It's a mere few hundred dollars from current levels and a level Bitcoin temporarily breached above earlier today before plummeting down. It would make this month the largest green monthly candle close on record since November 2013.
It looks like Bitcoin wanted to do away with the commonly used stock idiom of "selling in May" and going away, as May 2019 could end up being among the best months for the leading crypto asset by market cap in its entire existence.
Crypto analyst and trader himself Josh Rager agrees that a close above $9,000 would make the monthly candle close the largest green candle in the last six years.
The last time this happened was in 2013 when the Bitcoin was all the rage. However, BTC had to undergo a setback in 2014 through 2015 that took the digital asset nearly years to make a full recovery.
That being said, it's quite scary to reach a candle this large, but considering how soon after setting lows this rally has happened, a revisit into the depths of the bear market seem an idea far-fetched. Moreover, today's market environment makes it fairly impossible for the catastrophic crash that followed November 2013's candle to happen.
The month thus far represents "at least a 70.37% gain," if Bitcoin price closes above the price the trader has specified for a target. Since its bar market low, Bitcoin is up well over 100% and is up over 100% in 2019 alone. The uncorrelated asset has grabbed the attention of institutional investors who are seeking to diversify and hedge away from the falling stock market.
We're seeing a lot of people investing their time and assets in cryptocurrencies. The wave of buying driven by large brokerages and big banks are suspected to be at least in part behind the recent bullish momentum and rally in crypto markets.
Bitcoin also received another positive news recently after it was announced that the coin, along with Ethereum and BCH, can now be used to pay bills in Australia.