Bitcoin is Set for a Record Monthly Close. Here’s Why This is a Big Deal
Barring a horror crash of 25%, Bitcoin is about to secure its highest-
ever monthly close. The current record of $13,873 was set all the way
back on New Year’s Eve in 2017 — and BTC fell slightly short of this level
during the most recent monthly close on Halloween. You may be
wondering why this is significant. Crypto analyst Lark Davis wrote: “Reminder
that the last two times #bitcoin saw a new monthly candle that passed the
previous all-time high it mooned super hard!” He shared this chart
showing how BTC’s price has progressed over recent years: Why this news matters
The crypto markets were spooked after last week’s dramatic fall in
Bitcoin’s price, which was triggered by massive liquidations in the
futures markets. But the price has recovered over the weekend — since Friday
night, it’s surged by more than 10% from the $17,000 mark. Many analysts point
to this as evidence that it was a healthy correction and a mere bump in the
road, meaning Bitcoin remains on track to surpass its previous all-time
high of $20,089. Earlier in November, Blockroots.com co-founder Josh Rager
tweeted: “Every time Bitcoin has closed above the previous monthly all-
time high – a 700% to 1000% uptrend has followed.” For context, a 1,000% surge
would take Bitcoin’s price to $187,500 from their current levels.
Although this may seem unlikely, some analysts are adamant that the world’s
biggest cryptocurrency is going to hit these levels soon. What price will
Bitcoin reach this time?! Over at CoinMarketCap Alexandria, our research
team have an in-depth look at the price that Bitcoin could reach following the
recent halving. Subscribe to our newsletter We’ve got plenty more reaction to
Bitcoin’s bull run in the CoinMarketCap newsletter — as well as the latest
developments in the altcoin and DeFi markets. Subscribe here!
Barring a horror crash of 25%, Bitcoin is about to secure its highest-
ever monthly close. The current record of $13,873 was set all the way
back on New Year’s Eve in 2017 — and BTC fell slightly short of this level
during the most recent monthly close on Halloween. You may be
wondering why this is significant. Crypto analyst Lark Davis wrote: “Reminder
that the last two times #bitcoin saw a new monthly candle that passed the
previous all-time high it mooned super hard!” He shared this chart
showing how BTC’s price has progressed over recent years: Why this news matters
The crypto markets were spooked after last week’s dramatic fall in
Bitcoin’s price, which was triggered by massive liquidations in the
futures markets. But the price has recovered over the weekend — since Friday
night, it’s surged by more than 10% from the $17,000 mark. Many analysts point
to this as evidence that it was a healthy correction and a mere bump in the
road, meaning Bitcoin remains on track to surpass its previous all-time
high of $20,089. Earlier in November, Blockroots.com co-founder Josh Rager
tweeted: “Every time Bitcoin has closed above the previous monthly all-
time high – a 700% to 1000% uptrend has followed.” For context, a 1,000% surge
would take Bitcoin’s price to $187,500 from their current levels.
Although this may seem unlikely, some analysts are adamant that the world’s
biggest cryptocurrency is going to hit these levels soon. What price will
Bitcoin reach this time?! Over at CoinMarketCap Alexandria, our research
team have an in-depth look at the price that Bitcoin could reach following the
recent halving. Subscribe to our newsletter We’ve got plenty more reaction to
Bitcoin’s bull run in the CoinMarketCap newsletter — as well as the latest
developments in the altcoin and DeFi markets. Subscribe here!
