Bitcoin’s latest rally has caused the digital asset to record its largest monthly surge and longest monthly green candle in history, raising speculations about the imminence of a God candle.
Data on financial charts platform TradingView revealed that BTC printed a $20,000 candle in February, surpassing others printed in different months in 2021.
BTCUSD 1-Month. Source: TradingView
A God candle is a massive candlestick pattern that denotes the drastic surge of an asset. It is the largest candle on a trading chart and is considered too good to be true. Some analysts believe a God candle can potentially push an asset toward significant surges.
Bitcoin witnessed similar experiences in February, March, and October of 2021; however, none of the candlesticks are as large as the one recorded last month.
In February 2021, BTC printed a $12,100 green candle, denoting a 36% surge monthly. The digital asset began the month trading at $33,128 and ended at $45,238 after rallying to $58,372. The cryptocurrency printed another candle by the next month, showing a $13,500 gain and a 29% rally.
Bitcoin recorded an even larger candle in October of the same year when it rallied from $43,822 to $61,357. The $17,500 candle is the second largest in history following last month’s rally.
Last month, BTC rose from $42,580 to $63,999 and closed at $61,206, printing a candle of roughly $20,000, the largest in the asset’s history.
Bitcoin broke through a significant resistance level and short-term price target last month, driven by high demand from large U.S. investors, including the BTC exchange-traded fund (ETF) market, led by the nine new spot products. Demand from the ETFs has exceeded supply from Bitcoin miners by almost 10x, exerting positive pressure on the asset’s price.
Crypto analysts expect the demand to remain persistent as institutions and high-profile investors leverage these regulated products to gain access to BTC. This signals the potential for continuing the current trend; hence, BTC may surpass its all-time high of $69,000 before the next halving event in April.
On that note, BTC may print a God candle in the near future as its price rallies toward predicted peaks like $120,000.
The post God Candle? Bitcoin Records Largest Monthly Surge in History appeared first on CryptoPotato.
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