Analysts and investors alike tend to get consumed with Bitcoin’s short-term price action, as they are largely guided by the belief that short-term developments in the crypto’s technical formations will lead to long-term trends.
Despite this, while zooming out and looking at Bitcoin’s 2019 monthly lows, it becomes abundantly clear as to just how large of an uptrend the crypto is currently in, as it has posted gains in seven out of eight months in 2019.
Ignore the Noise: Bitcoin in a Firm Long-Term Uptrend
At the time of writing, Bitcoin is trading down just under 2% at its current price of $10,500, which marks a decent rise from its recent lows of $9,400 that were set this past week.
Although BTC has been incurring significant volatility over the past several weeks and months, it is important to note that the majority of this volatility has actually been positive for the cryptocurrency, as it is currently trading up significantly from its 2019 lows of just over $3,000.
The massive rise from its year-to-date lows slowed down earlier this Summer when the crypto rose to highs of $13,800, which proved to be an incredibly strong resistance level that currently remains BTC’s 2019 high.
Misir Mahmudov, a popular crypto analyst on Twitter, recent offered an analysis of Bitcoin’s monthly lows throughout 2019, which elucidates that the crypto has been able to climb higher in seven out of eight months this year.
“Bitcoin 2019 *monthly lows* show how strong this bull will be. Jan- $3,401. Feb- $3,399. Mar- $3,734. Apr- $4,097. May- $5,348. Jun- $7,583. Jul- $9,163. Aug- $9,321. This isn’t a few months of 2017 gamble mania anymore. This is a store of value in the making. This is just the beginning,” he said.
Importantly, Bitcoin’s recent rise has also led its dominance over the aggregated crypto market to surge, as it just recently hit 70.5% dominance – a level not seen since early 2017.
One key factor that analysts and traders should watch in the coming month is the official launch of Bakkt’s physically settled Bitcoin futures platform, a development that may lead to a significant influx of funding into the crypto markets, which could perpetuate the upwards momentum that Bitcoin has incurred throughout the first half of 2019.