It’s safe to say that Bitcoin is having a good year so far in 2019. On January 1st, the cryptocurrency was trading at around $3,700 and it’s already increased to as much as $10,530, marking a notable increase upwards of 180%. Moreover, looking at the charts for each month separately, we can see that Bitcoin is marking higher lows every single month and that could be viewed as a rather bullish indicator.
Bitcoin Marking Higher Lows
Bitcoin touched almost $14,000 back in June and it has since retraced to trading around $10,500. This has caused some to believe that the bullish trend we’ve observed in 2019 is over.
Looking at monthly charts separately, however, reveals interesting information. For every single month since February 2019, Bitcoin has managed to mark a higher low. To be precise, this is how it looks like:
- February – $3,399
- March – $3,734
- April – $4,100
- May – $5,350
- June – $7,585
- July – $9,163
- August – $9,321
In other words, despite the decrease in the past couple of months, Bitcoin is still managing to mark higher lows with each consecutive month. This can be viewed as a rather bullish indicator which signals that the trend is still there.
Looking More And More As A Store of Value
Another conclusion that could be drawn from Bitcoin consistently creating higher lows is that it is becoming to look a lot more like a store of value, rather than a speculative asset.
Interestingly enough, this has been brought up by the Chairman of the US Federal Reserve Jerome Powell, who said that people use Bitcoin as an alternative to gold and that it’s a “speculative store of value, like gold.”
We can also see that 2019 is also shaping up as a rather good year for the cryptocurrency in terms of fundamentals. Right off the bat, we have Bakkt which is scheduled to launch in a couple of weeks and it intends to open the doors for institutional investors. Moreover, it is sanctioned by the CFTC, which is definitely a step in the right direction.
Bitcoin’s network is also looking stronger than ever. As Cryptopotato recently reported, the network’s hashrate surpassed 80 quintillion hashes per second, reaching an all-time high just a few days ago.
On top of all that, renowned analyst and author, Peter Brandt, said that Bitcoin might be entering yet another parabolic phase.
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