Bitcoin Demonstrates Record Monthly Candle of $20,000

Bitcoin, the leading cryptocurrency, has yet to surpass its all-time high, but bulls have already set a new milestone. Checkmate, a top analyst at Glassnode, highlighted the remarkable surge in Bitcoin's price over the last month. The candle for February 2024 reached $19,840, marking the largest monthly growth in history at a notable 47% increase, boosting Bitcoin's market capitalization by $390 billion.

Michaël van de Poppe, the head and founder of MN Trading, shed light on the flip side of Bitcoin's rally. He noted that the $64,000 price level is a bargain in such an early stage of the cycle. Meanwhile, altcoins remain significantly undervalued compared to the leading cryptocurrency, indicating a bullish market sentiment. Retail investors have yet to enter the market fully, showing more interest in altcoins than the priciest cryptocurrency. This signifies an early stage of a bull market, emphasized the trader.

According to recent data from Material Indicators, the most significant liquidity accumulation on Binance's order book stands at $59,000, currently acting as a support level.

Meanwhile, the approaching Bitcoin halving event, expected in mid-April at block height #840,000, grows increasingly crucial. Analysis of Bitcoin's price dynamics concerning previous halvings suggests anticipating a 20-30% correction within three weeks of the event. With Bitcoin's current price peak at $64,300 on Binance, this implies a potential price decline to $51,500 - $44,500. If Bitcoin reaches a new peak, the projected correction levels will rise by late March to early April.