With only ten days left of February, Bitcoin is moving towards its second-highest monthly close ever. The price is currently hovering just above $10,100 and needs to gain just five percent more to trigger the hugely bullish trading signal.
As pointed out below by Twitter cryptocurrency trading account Crypto₿ull (@CryptoBull), Bitcoin’s monthly price chart is almost looking incredibly bullish. The leading cryptocurrency is just a few hundred dollars away from the monthly candle set during the early summer price run last year.
The only other close above the $10,700 level was just after the previous all-time high in 2017.
At the end of November 2017, the price of BTC traded below $10,000. During the next two-and-a-bit weeks, it shot up almost two-fold to reach just short of $20,000 on December 17. By the December close, it had already crashed to less than $14,000.
Crypto₿ull seems to be expecting Bitcoin to close above the $10,700 close observed in summer 2019. In a separate tweet yesterday, they made a case for more short-to-mid-term upside. As Crypto₿ull highlighted, Bitcoin’s 50-day moving average crossed its 200-day moving average. This, in trading lingo, is known as a golden cross. As its name suggests, it’s usually interpreted bullishly:
Crypto₿ull stated that the last time the golden cross technical indicator flashed, it was prior to large price rallies. Its most recent occurrence was in April of 2019. On April 24, BTC traded at less than $5,500. Just months later, it formed a local top just short of $14,000.
The previous example of a golden cross was in 2015. The day the signal flashed, October 28, Bitcoin traded at close to $300. It rallied hard into November, reaching local highs just short of $500 on the 4th.
Other analysts are expecting Bitcoin price to close above the $10,700 level this month. Prominent trader and realtor Satoshi Flipper (@SatoshiFlipper) personally believes Bitcoin can run a little further as February draws to a close. According to them, we will see a close above $11,000.