It’s safe to say that Bitcoin is having a good year so far in 2019. On January 1, the cryptocurrency was trading at around $3,700, and it’s since risen as high as $10,530, marking a notable increase of over 180%. Moreover, looking at the charts for each month separately, we can see that Bitcoin has made higher lows every single month, which is a rather bullish indicator.
Bitcoin’s price almost touched $14,000 back in June, and it has since retraced to around $10,500. This has caused some to believe that the uptrend we’ve observed in 2019 is over.
Looking at the monthly charts individually, however, reveals interesting information. Every single month since February 2019, Bitcoin has managed to mark a higher low. Here are the exact figures:
In other words, despite the downtrend of the past couple of months, Bitcoin has still managed to mark higher lows with each passing month. This can be viewed as a rather bullish indicator which signals that the trend is still intact.
Another conclusion that could be drawn from Bitcoin’s consistently creating higher lows is that it is coming to look a lot more like a store of value than a speculative asset.
Interestingly enough, this was brought up by the chairman of the U.S. Federal Reserve, Jerome Powell, who said that people use Bitcoin as an alternative to gold and that it’s a “speculative store of value, like gold.”
2019 is also shaping up to be a rather good year for the cryptocurrency in terms of fundamentals. Right off the bat, we have Bakkt, which is scheduled to launch in a couple of weeks and intends to open the doors to institutional investors. Moreover, it won the approval of the CFTC, which is definitely a step in the right direction.
Bitcoin’s network is also looking stronger than ever. As CryptoPotato reported, the network’s hashrate recently surpassed 80 quintillion hashes per second, reaching an all-time high just a few days ago.
On top of all that, renowned analyst and author Peter Brandt has said that Bitcoin might be entering yet another parabolic phase.