As Bitcoin price continues to rise, most top traders believe that BTC is heading towards a new bull trend, considering the monthly and logarithmic chart signals.
According to Peter Brandt, a veteran coin trader, “Bitcoin is poised for the second-highest monthly close ever. $BTC Institutions are increasingly involved in Bitcoin ownership and they mark the value of their assets monthly.”
Peter made this statement on TrendingView when he uploaded a BTC/USD 1-month chart highlighting the high-demand from top bodies as a key catalyst to Bitcoin’s solid performance.
In addition, other investors reference the logarithmic chart to predict expansive rallies.
Raoul Pal, founder and CEO of Real Vision Group, shared a Twitter update referring to the Bitcoin’s monthly log chart as a great “positive.”
He said, “It’s a Bitcoin kind of day. The monthly log chart with regression lines is really something to behold. One of the nicest, most powerful chart patterns I’ve ever seen.”
The BTC log price chart is the commonly used scale by technical analysts. The optimism towards this BTC monthly trand is due to its clean breakout.
Over the last four years, BTC has stayed around $13,000; and on weekly/monthly charts, it always closed below $11,000, except for 2020.
With BTC’s clean technical breakout on the monthly timeframe, top names like Brandt and Pal are calling for strong bullish on BTC’s price action
Pal said, “if history rhymes, 2021 is going to be a BIG year.”
Asides from various bullish technical and fundamental catalysts, the current rally timing favors a major Bitcoin bull cycle.
A report from Skew showed that Bitcoin hasn’t had three positive consecutive quarters over the past three years.
If BTC stays above $12,000 in Q4 2020, it could record a massively positive gain, and if this happens, that could lead to the same bull cycle pattern as 2017.
