Bitcoin Breaks Records, Eyes Record Monthly Close and Seventh Consecutive Green Candle

Bitcoin is poised to set two historic records by surpassing $70,000 and closing its highest monthly candle ever, up 13% from 2021's record. This would mark the first time Bitcoin will close a monthly candle above its previous all-time high of $61,400 and have achieved seven consecutive green monthly candles in over 12 years.

Bitcoin Breaks Historic Records, Poised for Record Monthly Close and Seventh Consecutive Green Candle

Paris, France - June 25, 2023 - The world of cryptocurrency is poised to witness a significant milestone as Bitcoin (BTC) stands on the cusp of breaking two historic records within the next few hours. Currently trading around $70,800, Bitcoin is on track to secure its highest monthly candle close ever and achieve seven consecutive green candles for the first time in over a decade.

Closing in on a Record Monthly Candle

As the universal standard time approaches the end of June, Bitcoin is just hours away from eclipsing its previous record for the highest monthly candle close. The current monthly high stands at $73,640, surpassing the previous peak of $68,900 set in 2021. Despite reaching an all-time high of $68,900 that year, Bitcoin never closed a monthly candle above $61,400. It twice breached the $60,000 psychological barrier, but failed to sustain the momentum on both occasions.

On the monthly chart, the thick portion of the candle represents the opening and closing prices, while the thin "wicks" indicate the full range of price movements during the period. A green candle signifies a month where the price ended higher than it started, with the bottom of the candle representing the opening price and the top representing the closing price. Conversely, a red candle indicates the opposite, where the price at the end of the month was lower than at the start.

In March 2021, Bitcoin closed at $58,800 after a monthly high of $61,700. In April, it closed $100 lower at around $58,700, despite reaching a new all-time high of $64,700 earlier that month.

Strongest Seven-Month Period on Record

After a significant 55% drawdown to $29,000, Bitcoin rebounded towards the end of 2021 and once again broke new all-time highs in October and November. However, it closed well below the new record peak in both months, declining by 8.5% and 17%, respectively.

In 2024, Bitcoin has shattered all previous records, reaching a monthly peak of $73,640, surpassing the 2021 high by almost 7%. Last month, Bitcoin closed around the 2021 level at $61,100. At current prices, any monthly close above $61,400 will set a new monthly record.

Bitcoin is not only poised to close the month above $70,000, but it is also set to achieve seven consecutive green candles for the first time in over 12 years. If it sustains this momentum and closes the month in the green, it will have the strongest seven-month period on record, soaring over 170%.

Unique Market Conditions Driving Rally

Past months have witnessed Bitcoin setting new all-time highs before a halving event for the first time. Historically, cycle highs have occurred mid-way through a halving cycle, never this deep in. However, the influx of capital from Bitcoin exchange-traded funds (ETFs) and the resulting strain on its fixed supply have had a profound impact on the price.

Typically, Bitcoin has entered its bull season after a halving event. However, the past seven months suggest that the rally has started early. Whether the upcoming cycle will reveal a new pattern in a post-ETF Bitcoin world remains to be seen.

Nevertheless, the unprecedented combination of two Bitcoin records in one month less than 30 days from the halving has created a bullish trajectory for the start of the next four-year cycle.

Disclaimer: Past Performance Does Not Guarantee Future Returns

Investors should exercise caution and remember that past performance does not guarantee future returns. Bitcoin is a unique asset with its own inherent characteristics, but its price discovery is influenced by market forces like any other asset.