Bitcoin (BTC) Price Ends January with 'Epic' Monthly Candle, Strengthening Bull Narrative

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Sat, 02/01/2020 - 12:24
Alex Dovbnya
February has every chance to be another strong month for Bitcoin (BTC) after the crypto king gained 30 percent in January
Cover image via 123rf.com
Contents

There were no unfortunate surprises for the bulls. As expected, Bitcoin (BTC) ended January on a high note after gaining more than 30 percent this month, which indicates that this uptrend is likely to continue.    

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An epic monthly close 

Trader Scott Melker was quick to comment on Bitcoin's amazing January performance, describing BTC's latest monthly candle as "epic." He elaborated that Bitcoin managed to engulf two previous candles while smashing above two pivotal resistance levels in a span of just one month. 

image by @scottmelker

Melker seems certain that a new bullish trend has been pretty much confirmed at this point. Meanwhile, crypto analyst Big Cheds thinks that BTC might have formed the morning star candlestick pattern, which usually signals a new uptrend.      

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Bitcoin's strongest start since 2013

Bitcoin keeps proving wrong those skeptics who think that they are late to the party. BTC has just had its strongest January in seven years. However, its 30 percent price increase still pales in comparison to the first month of 2013 when the leading coin gained an eye-popping 3,700 percent.  

Even with relatively modest returns, Bitcoin surpassed every traditional asset class. Only Tesla's stock, which surged by almost 60 percent in January, managed to overshadow BTC.  

Considering that February is historically the strongest month for Bitcoin, there is a good chance that it might extend its rally.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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