In his recent tweet, Peter Brandt announced that, a few days ago, Bitcoin demonstrated an all-time high monthly close on the charts and explained why this is so important now.
Bitcoin surpasses $14,000 briefly
On Saturday, Oct, 31, the flagship cryptocurrency managed to break above the $14,000 level—something the community had been looking for since January 2018.
However, despite the fact that Oct. 31 was the 12th anniversary of the Bitcoin white paper release, BTC bulls failed to turn the $14,000 mark into a support and Bitcoin plunged back below it.
Still, the coin's rate made an all-time high monthly close at $13,820.
At press time, the king crypto is changing hands at $ $13,559. BTC came to this level after plunging to $13,464 from the $13,700 zone.
Here's why monthly closes are crucial, according to Brand
Old-school savvy trader Peter Brandt mentioned the high Bitcoin close on his Twitter page, stating that the level at which crypto prices close at the end of a month is crucial because financial institutions appraise their holdings by assessing them when a month is over.
Last week, Peter Brandt already mentioned the importance of end-of-month closes for institutional market participants.
He also admitted that the percentage of his own portfolio in Bitcoin was not enough. He added that it is never enough when he is right and is always too much when he is wrong.