<

How Bitcoin price need to rally by “only” 17% to set a new monthly high?

Bitcoin price has had a strong rebound in recent weeks, rising as high as $ 12,500. Even so, BTC is still far below the all-time high it set at the end of 2017. However, Bitcoin is only 17% away from establishing a monthly high.

Bitcoin price is only 17% away, though, from setting a new monthly candle high

If Bitcoin closes at the current price, it will mark the second-highest monthly close ever, which is remarkable in its own right. But analysts expect Bitcoin to climb higher next week to mark the highest monthly close ever, above around $ 13,800.

Commenting on how Bitcoin needs to rise “just” 17% to establish a new monthly high, the head of technical analysis at Blockfyre said:

“#Bitcoin only needs a 17% pump this month to both have taken out the 2019 highs, but also have the highest monthly close in history! We are such a close fam! We are so incredibly close. Let’s finish the month on a bang!”

how-bitcoin-need-to-rally-by-only-17-to-set-a-new-monthly-high

Analysts were saying that Bitcoin closing above the monthly all-time high and the 2020 actual high will be notable for bulls. They say it will confirm that Bitcoin is in a macro bull trend that will eventually take BTC above the real all-time high at $ 20,000.

Bitcoin remains below the all-time high on the monthly and daily charts, at $ 13,800 and $ 20,000, respectively. However, analysts are still sure that the bulls are in control of this market.

Raoul Pal, former head of sales at Goldman Sachs’s European hedge fund, said earlier this year that he was more optimistic about Bitcoin than ever before.

He has cited both technical indicators and fundamentals to support his optimism. Technically, he notes that Bitcoin has risen above a pivot pennant pattern that has limited price action for three years. The length of this engineering model suggests it can be assigned a variety of importance.

Based on things, Pal points out that Bitcoin is the only asset that has managed to surpass the G4’s balance sheet growth. Although historical returns do not confirm the asset’s future trajectory, Pal thinks this is a sign that Bitcoin is a store of value.

Mike McGlone, the senior commodities analyst with Bloomberg Intelligence, is also optimistic. He argues that some macro trends, along with positive technical indicators and on-chain indicators, will drive growth in this nascent market.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like