Bitcoin Price’ Green Candle For Sixth Consecutive Month, What Will Trigger A Seventh?
Closing March on $59,132, the Bitcoin price climbed over 20% from the start of the month as it broke new records with a sixth straight green candle.
September 2020 was the last time Bitcoin saw a red candle. Since then Bitcoin is up over 500%, and with bullish news abundant, it would take a permabear to bet against a seventh green candle as April closes.
What Will Help Bitcoin To Another Monthly Green Candle?
Bitcoin has seen a green candle for the sixth month in a row, and this is leading some to caution a pull-back and dare I say it a bearish month. With so much bullish news flooding the space, however, it’s likely we will see more money enter the Bitcoin market. Much more.
Novo referenced Morgan Stanley’s decision to start offering Bitcoin investment products to its customers, which his company Galaxy Digital will run.
Goldman announced last week that it is preparing to offer Bitcoin investment vehicles for to clients of its private wealth management sector, and Mike Novogratz said he expects as much as $1 trillion of wealthy boomers’ money to enter the space as other banks follow Goldman’s lead.
Bitcoin On Corporate Balance Sheets
If the Goldman Sachs news isn’t enough to trigger a fresh rally, it’s expected that companies that attended the MicroStrategy Bitcoin for Corporations conference in early February could legally be ready to start buying Bitcoin.
It’s no secret that many companies are looking to put Bitcoin on their balance sheet. And something that would usually take at least 6 months was cut dramatically shorter after the MicroStrategy CEO gave every attending exec the company’s Bitcoin playbook.
This was basically all the legal paperwork needed for any corporation wanting to put Bitcoin on their balance sheet, and will save any company millions of dollars and months of painstaking work.
So, with the headache of most of the legal paperwork out of the way and almost 2 months since the conference, many are expecting corporations to start announcing some Bitcoin exposure.
It’s doubtful we will see another all-in approach like MicroStrategy, but if company’s start announcing up to just 5% exposure, it will move the Bitcoin market in a big way.
Bitcoin To New All-Time High And More Green Candles
The Bitcoin price has steadily climbed up from around $51,000 in the last seven days, and although it seems to have found some resistance at $59,000, a breakthrough and new all-time high is more likely.
With an all-time high of $61,050 on March 14, Bitcoin is only 3.5% away from another new all-time high. And with bullish news flooding the space it seems like a matter of time before we smash that.
Anything is possible in the short term, but it would take a brave bear to short Bitcoin. I for one expect a new high soon and a Bitcoin price prediction of six figures by the end of Q2.