Bitcoin is Set for a Record Monthly Close. Here’s Why This is a Big Deal

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Barring a horror crash of 25%, Bitcoin is about to secure its highest-ever monthly close.

The current record of $13,873 was set all the way back on New Year’s Eve in 2017 — and BTC fell slightly short of this level during the most recent monthly close on Halloween.

You may be wondering why this is significant. Crypto analyst Lark Davis wrote: “Reminder that the last two times #bitcoin saw a new monthly candle that passed the previous all-time high it mooned super hard!”

He shared this chart showing how BTC’s price has progressed over recent years:

Why this news matters

The crypto markets were spooked after last week’s dramatic fall in Bitcoin’s price, which was triggered by massive liquidations in the futures markets.

But the price has recovered over the weekend — since Friday night, it’s surged by more than 10% from the $17,000 mark. Many analysts point to this as evidence that it was a healthy correction and a mere bump in the road, meaning Bitcoin remains on track to surpass its previous all-time high of $20,089.

Earlier in November, Blockroots.com co-founder Josh Rager tweeted: “Every time Bitcoin has closed above the previous monthly all-time high – a 700% to 1000% uptrend has followed.”

For context, a 1,000% surge would take Bitcoin’s price to $187,500 from their current levels. Although this may seem unlikely, some analysts are adamant that the world’s biggest cryptocurrency is going to hit these levels soon.

What price will Bitcoin reach this time?!

Over at CoinMarketCap Alexandria, our research team have an in-depth look at the price that Bitcoin could reach following the recent halving.

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The post Bitcoin is Set for a Record Monthly Close. Here’s Why This is a Big Deal appeared first on CoinMarketCap Blog.