The last two bitcoin bear markets officially ended in the month of December. The confirmation signal came when the main cryptocurrency by market capitalization once again reached its previous all-time high.
Given that next month will be December once again and BTCUSD price action is heating up, could it be “safe” to hit all-time highs again next month?
bitcoin Sure It Could Turn Bullish Next Month
The idea that BTCUSD could hit all-time highs again next month may seem unrealistic. But every time the 1M Know Sure Thing indicator crossed higher, bitcoin returned to previous record prices the same month.
This didn’t happen just once in December 2020, when BTCUSD surpassed the 2017 high of $20,000. It happened before too, in December 2016, just before the year-long bull market that made bitcoin a household name.
The signal hasn’t returned yet, so it’s not as “safe” as it seems. However, if KST turns bullish, it could end three-for-three in December, indicating a retest of previous highs.
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Will the KST cross bullish in December? | BTCUSD on TradingView.com
The Importance of the December Pivot Point on crypto Charts
He Know something for sure is a momentum oscillator created by Martin Pring that uses four different exchange rate periods to produce the KST line. The signal line that generates crossovers is calculated by taking a 9-period simple moving average of the KST.
Although it generates signals late compared to other momentum crossover tools like the MACD, the signals are reliable. So much so that it has never given a failed signal. A KST Crossover Should Confirm a Bull Run, But Why Could It Come in December?
Related Reading: Is bitcoin Trend Beginning Its Most Bullish Phase?
For starters, each repeat of previous all-time highs occurred in December, as the chart above shows. But beyond that, BTCUSD has a strange relationship with the month of December – take a look at the month at both ends.
Most of the highs and lows occurred between the months of November, December and January. This includes the 2013 peak and 2015 bottom, the 2017 peak and 2018 bottom, and the second 2021 peak and 2022 bottom driven by the FTX crash. All the Decembers in between were decisive months when the KST crossed.
Still don’t think there might be something for the month of December?
The graph above originally appeared on ethereum-issue?utm_source=profile&utm_medium=reader2″ target=”_blank” rel=”noopener nofollow”>CoinChartist VIP Issue 27: The ethereum Problem. See the latest issue of ethereum-issue?utm_source=profile&utm_medium=reader2″ target=”_blank” rel=”noopener nofollow”>free.
