On June 25, 2019 in Paris, France, a visual representation of the digital cryptocurrency, Bitcoin, was displayed in front of its course’s graph. This illustration, along with the arrival of Facebook’s Libra on the cryptocurrency market, has sparked global interest in various currencies in circulation. In fact, Bitcoin broke the $11,000 mark on Monday, reaching its highest level since March 5, 2018. (Photo by Chesnot/Getty Images)
Bitcoin is on track to break two historic records within the next few hours as it currently trades at around $70,800. The first record is for the highest monthly candle ever, with a 13% increase from the previous record in 2021. The second record is for the highest monthly close, surpassing the previous record of $61,400 in 2021. Despite reaching an all-time high of $68,900 in 2021, Bitcoin was never able to close a monthly candle above $61,400. It came close twice, in March-April and October-November, but was unable to hold above this critical level.
The monthly chart of Bitcoin shows that the thick part of the candle represents the opening and closing prices, while the thin “wicks” show the full range of price movement during the period. A green candle indicates a month where the price ended higher than it started, with the bottom of the candle representing the open and the top representing the close. 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 reaching a monthly high of $61,700. The following month, it closed at $100 lower at around $58,700, despite reaching a new all-time high of $64,700 earlier in the month. After a 55% drop to $29,000, Bitcoin recovered by the end of the year and reached new all-time highs in October and November. However, it closed well below these peaks, down 8.5% and 17%, respectively.
Now, in 2024, Bitcoin has surpassed all previous highs and reached a new high of $73,640. Last month, it closed at around $61,100, which means that any monthly close above $61,400 will be a new record. As it looks poised to close above $70,000, Bitcoin will achieve seven consecutive green monthly candles for the first time in over 12 years. In 2012, it had seven green months, with a 152% increase over the period. However, during its current run, which began in September 2023, Bitcoin has seen a 170% increase, making it the strongest seven-month period ever.
Interestingly, Bitcoin has made a new all-time high before a halving event for the first time. In previous cycles, the highs occurred midway through a halving cycle, never this early. The influx of capital from Bitcoin ETFs and the resulting strain on its fixed supply have had a significant impact on the price. While the historical pattern for Bitcoin has been to start its bull season after a halving event, the past seven months suggest that it may have started early this time. It remains to be seen if this will reveal a new pattern in a post-ETF Bitcoin world. However, the fact that we have seen two Bitcoin records in less than 30 days from the halving is unprecedented and sets a bullish path for the start of the next four-year cycle.
It is important to remember that past performance does not guarantee future returns, and Bitcoin, like any other investment, is subject to market forces. Follow me on Twitter or LinkedIn for more updates and insights. (Script async src=”//platform.twitter.com/widgets.js” charset=”utf-8″)
As the Senior Editor for CryptoSlate and host of the SlateCast podcast, I am a journalist and writer focused on Bitcoin, blockchain, and Web3. Prior to my involvement in the blockchain industry in 2020, I worked in film, web design, and marketing for well-known brands. I founded a UK-based agency in 2009 and have a strong passion for aiding the decentralized evolution of our digital lives. My goal is to create a more equitable world through frontier technology.
