Unless bitcoin drops by more than $4k in 24 hours we are about to set a new record
There is something very important to happen from a technical perspective.
Bitcoin is about to have its highest monthly close ever.
This may not sound like that big of a deal but to funds that invest in terms of years or decades, the monthly charts matter.
And bitcoin is about to make a new all time high close on the month chart:
(Source:
)https://twitter.com/MacroCRG/status/1333098323549548546/photo/1
- MacroCRG
Unless it somehow drops by more than $4k within the next 24 hours, which I guess is possible for bitcoin, though not likely.
This break and close on the monthly chart signals a breakout to long term investors and will likely have them piling on upon confirmation.
I don't expect it to push the price immediately higher after it closes, but over the coming weeks and months I think this is extremely bullish for the price.
People like to talk about bitcoin never going below $10k again, but based on this chart I would say it's possibly bitcoin never goes below $13k again, possibly even $14k.
Just like that the world has changed for bitcoin.