Bitcoin Set to Achieve Largest Monthly Candlestick Chart in History

Bitcoin (BTC) is expected to close the month of February with a 0.27% increase, rising nearly $20,000 since the beginning of this month.

According to data from Coingecko, when measured in US dollars, this represents the largest monthly gain ever for this digital asset. As shown in the candlestick chart, Bitcoin’s green candle for February is approaching the $20,000 mark, with a specific price of $19,976 as of 10:42 AM Eastern Time.

The second-highest monthly candle occurred in October 2021, reaching $17,978. In third place is February of the same year, with a length of $15,467.

Investors and analysts frequently use candlestick charts to analyze price movements and trends in financial markets.

Amid the surge in digital asset prices, the US-based Bitcoin exchange-traded fund (ETF) witnessed a record net inflow of $673 million on Wednesday, surpassing the previous high of $655.2 million set on its launch day, January 11.

BitMEX Research data indicates that BlackRock’s iShares Bitcoin ETF led the fund flow, adding $612.1 million, marking the highest inflow to date.

Jasper De Maere, Research Director at Outlier Ventures, attributes Bitcoin’s price rise to the selling pressure decline in Grayscale’s converted GBTC fund. “This sets a strong foundation for institutional Bitcoin purchases in February. Throughout the month, we’ve consistently seen days with $500 million flowing into Bitcoin ETFs,” De Maere told The Block.

Analysts predict that Bitcoin’s upward trend will continue, driven by institutional adoption, favorable macroeconomic conditions, and excitement around innovation within the Bitcoin ecosystem. De Maere adds, “Looking at the mid-term, the future months’ Bitcoin price trends will likely remain positive.”

Stijn Paumen, CEO of Helio, emphasizes that Bitcoin’s current price is only 8% below the historical high of over $68,000 reached in November 2021. “We’re just two months away from the halving cycle start, and we’re already approaching Bitcoin’s historical peak,” Paumen told The Block.

According to The Block’s price page, the largest digital asset by market capitalization has risen over 3% in the past 24 hours, with a price of $63,000 as of 10:56 AM Eastern Time. The GM 30 index, representing the top 30 cryptocurrencies, also increased by 4.79% to 133.45 during the same period.

Sentiment: Positive