- The price of Bitcoin (BTC) continues to rise, many anticipate a bull run.
- One price analyst says a bull run is imminent if a fourth monthly green candle forms.
- So far, we have hit 3 monthly green candles and historically a fourth always emerges.
The price of Bitcoin continues to rise this week and the value of BTC stands at $26,154.77. Could the price of Bitcoin continue on its upwards rally? Well, Bitcoin (BTC) price analysts from the crypto community seem to think it will.
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In detail, Bitcoin $ 61,924.59 1.26% and crypto enthusiasts share their take on the Bitcoin price chart on the Reddit page CryptoCurrency. Here, one Redditor posts about how Bitcoin (BTC) is about to have its third green monthly candle.
Adding on, the Redditor says that Bitcoin (BTC) has already reached its highest 3-month gain since January 2021. The Redditor then goes on to say that so far, after every third green monthly candle, there has always been a fourth.
The post continues on to explain the Redditor’s point of view. Specifically, the Redditor thinks that after the cold bear market of 2022, it is about time we enjoy a small victory. The time is now, says the post.
Furthermore, the Redditor says that we should not spend our time debating over a bear market rally. In fact, the Redditor says that instead of awaiting a reversal, we should simply look at the hopium-filled stats that are shared with the post.
One of these charts highlights the bottoms that are present on the Bitcoin price chart. From the three monthly candles, it is clear that we are on the third green month. Another fact to accompany this chart is that if you follow every third consecutive green month candle, then you will always find the fourth.
The second chart in the post is used to draw attention to another interesting point. In particular, it shows a good indication for a rough trend overview. Clearly, this is our best 3-month candle since January 2021. This is significant as it is similar to the one made at the very beginning of the last bull market.
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