New reports show that Bitcoin has been ending the past six months in the green zone, which could be the coming of more significant surges for the digital asset. The digital asset space has been wondering and analyzing the crypto’s next move as it goes up the charts, with experts believing it’s about to see a breakout. This belief that a breakout would occur after the monthly green candle is due to the crypto’s pattern being similar to 2013’s position.
In 2013, the year had seen frequent green candles before it saw an epic breakout, and sources believe that this would happen for Bitcoin again. While the years are far different in terms of market behavior and supporting buyers, there are high chances the crypto would see more prominent highs.
2013 and 2017 have similar green candle trends
If history repeats itself, Bitcoin holders will enjoy the gains as the crypto shows a strong bullish bias as market bulls are willing to take the asset to the next level. In 2013, after the six-month green candles, the asset was able to close at $140, being one of the most expensive digital assets at the time. It’s safe to note that Bitcoin helped the digital asset trend grow bigger as more investors were interested in recording gains after the falls.
After the increase, the asset would slightly fall and then surge to another impressive high. The asset had increased by over 700% throughout the green candles, helping the crypto hit the $1,000 mark for the first time.
This trend happened in 2017 as well, as Bitcoin grew at an impressive rate that year and touched the $20,000 mark for the first time. The year had since five continuous green candles before landing with that new gain, and experts believe that this could happen for Bitcoin again.
In 2017, the asset surge from its $5,000 position to $20,000, showing how the green candles have contributed to the digital asset’s growth over the past few years. Experts have had a lot to say about Bitcoin, with many believing the crypto is not done with the price increase and is likely to see more massive gains.
Experts are bullish on Bitcoin
Someone with a similar belief is Bloomberg’s Mike McGlone, who believes that Bitcoin could surge past the $400,000 mark by 2022 if the green candle trend persists. The strategist also believes that Bitcoin would soon become globally accepted and claim a position as the world’s global digital asset.
Like McGlone, others are also bullish on Bitcoin as Peter Brandt believes that the asset would see new gains. He believes this current happening is similar to 2017’s price growth and that Bitcoin would likely hit the $250,000 mark before the year ends.
It’s safe to note that the trends don’t confirm the event’s certainty and are just speculation by experts. In 2015, where the asset saw a five-month green candle, the crypto still corrected by over 20%, showing that nothing is inevitable in the digital asset industry.