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Historical data has revealed that finishing January profitable will most likely make Bitcoin rally parabolic throughout the year. Bitcoin began the year on a downward trend, drifting low from $7,600 price on December 30 to $7,100 on January 1 and $6,900 on January 3.
However, the table turned around for Bitcoin and the entire crypto market as BTC returned on the upside trend, spiking above $9,000 in mid-January. In all, Bitcoin ended the first month of the year 2020 price at $9,300 after testing $9,500 days before.
Thus, Bitcoin ended the month profitable with a monthly return of above 33%. This is happening for the first time since January 2014. In the last 6 years, Bitcoin has never finished January with positive returns.
Similarly, this is happening the 5th time ever since the creation of Bitcoin in 2009. Bitcoin’s rally this month, January 2020, registered a number of tremendous milestones that signal that the year would be marvelous for the cryptocurrency.
Also, this is the 12th time Bitcoin ended a month with over 30% profit, another tremendous figure that cannot be overemphasized as the 5th halving of the largest cryptocurrency by market cap approaches.
A crypto investor on Twitter with the pseudonym Ceteris Paribus revealed that in the last 4 cases Bitcoin finished the month of January profitable, the cryptocurrency registered significant gains.
However, Paribus illustrated that 2014 was the only year Bitcoin registered negative returns for the rest of the year after finishing January profitable. The crypto investor described that it was that same year $460 million in Bitcoin was carted away from Mt. Gox exchange (the largest crypto hack in history).
Bitcoin closed January up for the first time since 2014, and 5th time ever. It's the 12th time gaining >30% in a month over this period.
Rest of year returns when $BTC finishes Jan up:
2011: +800%
2012: +145%
2013: +3,500%
2014: -60% (Mt. Gox)Yes, this is a bullish tweet. pic.twitter.com/BSvGOFXoLu
— Ceteris Paribus (@ceterispar1bus) February 1, 2020
While Paribus predicted that this year would likely be bullish for Bitcoin, there are possibilities history repeats itself for the cryptocurrency, and if that happens, BTC would register over 3,500% return during the year.
Stressing further on his bullish forecast, Paribus in another illustration revealed that January 2020 was the 12th best month for Bitcoin since 2014.
Ranking the top 25 months since 2014. pic.twitter.com/U1ksOs4LVr
— Ceteris Paribus (@ceterispar1bus) February 1, 2020