Bitcoin has been setting higher monthly lows every month since February

Bitcoin has been setting higher monthly lows every month since February

As Bitcoin broke below the $10,000 support, many saw this as a sign of an approaching bear market. However, zooming out showed that Bitcoin has been setting higher monthly lows throughout the year, rising from its lowest February point of $3,391 to its $9,163 July low.

With just a day left until the end of August and no signs of a further drop below its current $9,427 level, many analysts saw this as a clear sign of progress for the world’s largest cryptocurrency.

Dropping below $10,000 doesn’t mean Bitcoin is taking a bearish path

The crypto market has been experiencing unprecedented tension this month, with traders and analysts alike holding thumbs that Bitcoin won’t experience another major crash. After trading in the low $10,000 range for over two weeks, Bitcoin experienced a major sell-off which pushed its price down to its $9,500 support.

Bitcoin has seen a steady increase in price since the beginning of the year and managing to reach $13,000 in July led many to believe the coin was up for a bull run that would be incomparable to the one seen at the end of 2017. But, after it dropped to its monthly low of around $9,400, many saw this as a major red flag and the last chance to jump off the Bitcoin train.

However, other experienced analysts seem to agree that Bitcoin has seen nothing but progress this whole year and that its latest drop actually proves it.

Even at its worst, Bitcoin shows significant growth each month

With most traders focused on micro factors when analyzing Bitcoin’s price movements, the bigger picture often gets overlooked. A crypto investor and analyst shared an interesting set of data on Twitter that perfectly illustrates this problem.

He pointed out that even at its worst, Bitcoin has been setting higher lows each month. According to his data, even at its lowest point in August, which was $9,427, Bitcoin showed a 178 percent increase from its February low — $3,391.

Other prominent crypto analysts seemed to agree that Bitcoin’s current price consolidation points to a strong upward current. Willy Woo, a crypto analyst and partner at Adaptive Capital, said that despite being “overheated” in the past weeks, Bitcoin’s current price has just rebounded from its 128-day moving average.

He explained that Bitcoin has historically touched the 128-day moving average line many times during bull markets and that it has helped it stay grounded even during major price swings.

Bitcoin | BTC

Updated: Nov 7 at 2:51 am UTC

Bitcoin, currently ranked #1 by market cap, is up 1.88% over the past 24 hours. BTC has a market cap of $189.72B with a 24 hour volume of $19.18B.

Chart by CryptoCompare

Bitcoin is up 1.88% over the past 24 hours.

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Priyeshu Garg

Priyeshu Garg

Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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