After strong trading in May, bitcoin is on track to post its longest monthly growth run since 2017. This follows four successive months of bitcoin price growth.
The four months run will be the longest continuous period of bitcoin price growth since the rallies in 2017. It also puts to bed any lingering concerns over prevailing bearish tendencies.
By far the largest cryptocurrency by market cap, bitcoin sets the pace for other cryptocurrencies, with more gains expected over the coming days across the board if the short-term bullish outlook is confirmed.
While BTC was down slightly on the day to $8,665 at the time of writing, this month has seen growth in the region of 63%. And with just a few days left to go, some analysts are predicting May will confirm this trend.
CoinDesk analyst Omkar Godbole said the charts currently indicated scope for a bullish rally to $9,442 over the next few days.
“With 63 percent month-to-date gains, BTC looks set to register its longest monthly winning run since August 2017. The falling channel breakout seen on the monthly chart favours a rally to key Fibonacci resistance of $9,442.”
“BTC has pulled back from one-year highs hit earlier this week. The cryptocurrency, however, remains on the hunt for a near-term move above $9,000, as the daily chart pennant breakout confirmed on Sunday is still valid. The short-term bullish case would weaken if the bitcoin price drops below $8,000.”
However, Godbole cautioned that there may be scope for a “breather” over the next couple of days. This could then lead to a more significant correction in the market.
“The bulls usually take a breather after engineering such stellar gains, and a healthy correction may be seen over the next two days. However, a drop all the way back to the monthly opening price of $5,267 before Friday’s UTC close looks unlikely, as both the short-term and long-term technical studies are biased bullish.”
The performance is further good news for bitcoin bulls. They will now be hoping this trend in Bitcoin price growth continues throughout the rest of the year. After difficult trading throughout 2018, the performance in 2019 has been much stronger, as BTC continues to gain traction.
Will BTC confirm the four month run by the week’s end? If it does, this would then carry the positive trend onward into June.