thecryptograph Bitcoin appears set to register its best January price gain in seven years and could soon rise into five figures.
The top cryptocurrency by market cap is currently trading at $9,350 – a hefty 30 percent gain from the opening price of $7,160 observed on Jan. 1st.
If the gain is held through Jan. 31, it would be the best starting month to a year since 2013. Back in January 2013, bitcoin had rallied by 54 percent.
From 2015 to 2019, January has always seen bitcoin post losses. The cryptocurrency now looks certain to snap that losing streak. The 30-percent rally is the second-best January performance on record.
Bitcoin picked up a strong bid at lows near $6,850 in the first week of this month and rose past $8,000, exiting a six-month-long downtrend. Notably, the breakout happened as the U.S. and Iran came close to war, forcing the analyst community to take note of the cryptocurrency's strengthening safe-haven appeal.
Since then, we've seen a textbook bull move: a steady uptrend with regular low-volume pullbacks testing dip demand.
The price rise is in line with historical data showing the cryptocurrency hits a new market cycle top (the highest point from the preceding bear market low) in the calendar year of a miner reward halving, but before the event, as discussed earlier this month.
With history looking to repeat itself, a further rise to levels above the June 2019 $13,880 before the May 2020 halving (supply-cutting event) cannot be ruled out.
For now, the technical charts do indicate scope for a move above the psychological resistance of $10,000.
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