{"id":110345,"date":"2020-11-11T21:40:33","date_gmt":"2020-11-11T18:40:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-monthly-candle-close-signals-possible-mega-rally-in-december\/"},"modified":"2020-11-11T21:40:33","modified_gmt":"2020-11-11T18:40:33","slug":"bitcoin-monthly-candle-close-signals-possible-mega-rally-in-december","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-monthly-candle-close-signals-possible-mega-rally-in-december\/","title":{"rendered":"# Bitcoin monthly candle close signals possible mega rally in December"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40b5ecc208b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40b5ecc208b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-monthly-candle-close-signals-possible-mega-rally-in-december\/#Why_Bitcoin_may_be_at_the_cusp_of_a_new_rally\" >Why Bitcoin may be at the cusp of a new rally<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-monthly-candle-close-signals-possible-mega-rally-in-december\/#What_could_restore_mainstream_appetite\" >What could restore mainstream appetite?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin monthly candle close signals possible mega rally in December <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">Historically, when a Bitcoin monthly candle closes above previous candles the digital asset has seen a prolonged rally. <\/p>\n<p>Atop this high time frame pattern, Bitcoin\u2019s monthly candle in September closed above $13,000 for the first time since 2017. Furthermore, the dominant cryptocurrency has shown signs of a clear breakout throughout the past two months.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/a8e8783c-e49e-4b51-8593-c79098ecf317.png\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>BTC\/USD monthly chart. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Why_Bitcoin_may_be_at_the_cusp_of_a_new_rally\"><\/span>Why Bitcoin may be at the cusp of a new rally<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In terms of the &#8216;BTC rally&#8217; narrative, the timing for a new Bitcoin rally makes sense. First, and perhaps most importantly, Bitcoin is currently in a post-halving cycle.<\/p>\n<p>Every four years, Bitcoin undergoes a block reward halving which reduces the pace at which new BTC is mined by 50%. <\/p>\n<p>The price of BTC typically peaked 14 to 16 months after the halving in the past two cycles. Hence, a peak for the next major rally in mid-2021 would be historically relevant.<\/p>\n<p>Second, as Cointelegraph reported, there is a low level of interest coming from the mainstream and new retail investors. The majority of the demand for Bitcoin is seemingly coming from whales, high-net-worth individuals, and what analysts describe as \u201csmart money.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/09ebd181-01d8-44f7-a1af-3aaa4651156b.png\"\/><figcaption style=\"text-align: center;\"><em>BTC futures volume by exchange. Source: Digital Assets Data<\/em><\/figcaption><\/figure>\n<p>As shown in the chart above, this increased participation can also be seen in the rising volumes across Bitcoin derivatives markets like CME, Bakkt, LedgerX, and centralized exchanges offering futures trading.\u00a0<\/p>\n<p>In 2017, Bitcoin saw massive inflows of new retail money flowing in the U.S., South Korea, and Japan. Consequently, spot volumes exploded within a short period, taking BTC to $20,000.<\/p>\n<p>This time, albeit the spot market volume is rapidly growing <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/ArcaneResearch\/status\/1326184391547228161?s=20\">according<\/a> to data from Digital Assets Data and Arcane Research, the mainstream interest is nowhere close to 2017.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/43a3036c-621d-4315-bd1e-96d771631034.png\"\/><figcaption style=\"text-align: center;\"><em>Monthly BTC transaction volume (USD). Source: Digital Assets Data<\/em><\/figcaption><\/figure>\n<p>As such, there is headroom for a broader rally in the foreseeable future, especially if retail interest spikes.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_could_restore_mainstream_appetite\"><\/span>What could restore mainstream appetite?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Three years ago, there was a mainstream frenzy around Bitcoin and cryptocurrencies in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> because they surged significantly higher than stocks and other risk-on assets.<\/p>\n<p>New retail investors were allured by the unprecedented volatility cryptocurrencies provided, causing Bitcoin to rally to a new all-time high.<\/p>\n<p>Currently, Bitcoin is demonstrating a parabolic uptrend wherein on the weekly and monthly charts, it is rising without major pullbacks. The sheer momentum of BTC, if it continues to increase without a large correction, could cause the resurgence of mainstream interest.<\/p>\n<p>As traders and analysts point out, investors&#8217; perception of Bitcoin is noticeably improving as a growing number of large companies and billionaires add BTC to their portfolios. <\/p>\n<p>Most recently, as Cointelegraph reported, billionaire hedge fund investor Stan Druckenmiller became the latest high-profile investor to disclose his investment in Bitcoin. <\/p>\n<p>Based on this trend, Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said that the market sentiment would likely remain bullish. He <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1325902681995612162\">wrote<\/a>:<\/p>\n<blockquote><p>\u201cAfter Michael Saylor and other companies allocating money towards #Bitcoin, the time has come for Stan Druckenmiller. It&#8217;s just a matter of time until the next one jumps in, and the next one, and the next one. Bullish in general.\u201d<\/p><\/blockquote>\n<p>The Bitcoin (<a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1325902681995612162\">BTC<\/a>) price is showing resilience after achieving $15,000 for the first time since 2017. Following the large uptrend, historical evidence suggests a broader rally may occur in December.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-monthly-candle-close-signals-possible-mega-rally-in-december\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin monthly candle close signals possible mega rally in December &#8221; Historically, when a Bitcoin monthly candle closes above previous candles the digital asset has seen a prolonged rally. Atop this high time frame pattern, Bitcoin\u2019s monthly candle in September closed above $13,000 for the first time since 2017. Furthermore, the dominant cryptocurrency has&#8230;<\/p>\n","protected":false},"author":1,"featured_media":110346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-11\/f6df6d47-aec3-4274-9f9d-e6b2e0f2c8e3.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74972,74937,74939,73785],"class_list":["post-110345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-futures","tag-bitcoin-price","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/110345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=110345"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/110345\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/110346"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=110345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=110345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=110345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}