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bitcoin monthly close all time high halloween

Bitcoin Could Be Just One Week Away From A New Monthly All-Time High Close

Tony "The Bull" by Tony "The Bull"
3 years ago
in BTC
Reading Time: 3 mins read

Bitcoin is just over one week away from the October monthly close, taking place on Halloween night. Although the night is known for candy, scarces, and tricks, if the leading cryptocurrency by market cap can close above $14,000, investors will be in for one heck of a treat.

Bitcoin October Monthly Candle Close Could Result In New All-Time High

Bitcoin price is trading well above $12,000 after a $1,000 intraday candle earlier this week that sent the cryptocurrency to a new 2020 high. The top-ranked crypto asset, however, failed to set a new higher high over its 2019 peak, if you measure wick to wick.

But when switching to a line chart, which shows only a close-by-close basis, Bitcoin is only a few hundred dollars away from setting a new all-time high.

Related Reading | Crypto Analyst: Altcoins To “Tank” While Bitcoin Runs For All-Time High

This makes the October 31 monthly close more than just Halloween – it puts the potential bull run on the line.

bitcoin btcusd monthly

Bitcoin flips high timeframe resistance as support, aims for new all-time high monthly close | Source: BTCUSD on TradingView.com

The line chart also shows a very clear retest of resistance broken, confirming it as support before moving higher. If the leading cryptocurrency by market closes over $13,950, then the new bull market breakout could be confirmed.

Like the resistance level below, a retest is likely, then it could be off to the races for Bitcoin from there.

Will The Top Cryptocurrency Benefit From “The Halloween Effect?”

Markets are cyclical and even seasonal in their behavior. For example, there’s a saying recommending to “sell in May and go away.”

Six months later, however, due to seasonality “the Halloween effect” kicks off what tend to be higher performing months for most assets.

Related Reading | Paul Tudor Jones: Bitcoin Is In First Inning, Like Investing In Apple Or Google Early

Q4 2017 was the quarter that took Bitcoin to $20,000 in a flash, and it could happen again.

bitcoin btcusd monthly

Current cryptocurrency market cycle matches previous bull breakout | Source: BTCUSD on TradingView.com

According to the same monthly line chart from above, when zoomed out, shows almost the exact same structure as the last bear market and bull market breakout.

Bitcoin price couldn’t close its first few monthly attempts at a new all-time high until the year turned anew. At that point, the election uncertainty had cleared the air, and Bitcoin at that point was free to run straight through resistance, and never looked back.

Will the Halloween effect lead to another crypto bull market once again?

Featured Image From Deposit Photos, Charts From TradingView.com
Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptohalloweenxbtxbtusd
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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