On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Bitcoin's last six monthly candles have closed green, tying its previous record streak for bullish monthly candles.
Bitcoin has just closed six consecutive monthly green candles for the first time since April 2013. Should history repeat, Bitcoin may enjoy further parabolic gains this year.
In April 2013, Bitcoin closed at roughly $140 after posting six green monthly candles. While the markets would retrace to less than $100 over the next two months, Bitcoin would then surge 700% over the following six months and tag prices above $1,000 for the first time.
Bitcoin posted a similar pattern in the lead up to its parabolic bull run in 2017, with the markets posting five consecutive green monthly candles heading into September. While September saw BTC post range-bound consolidation, Bitcoin surged into new all-time highs in October to rallied from $5,000 to almost $20,000 by the end of the year.
According to Bloomberg strategist, Mike McGlone, Bitcoin could be trading for more than $400,000 by 2022, should the markets follow the trends previously witnessed during 2013 and 2017. McGlone recently claimed that Bitcoin is "well on its way to becoming a global digital reserve asset."
Veteran trader and market analyst, Peter Brandt, is also bullish on Bitcoin, predicting BTC could gain a further 250% to break above $200,000. "I think we're in that midpoint pause where in 2017 Bitcoin swirled around for a month or two before we saw the final move up," he said.
However, past trends do not guarantee future performance and the history of green candles is a little murky. Despite Bitcoin posting five green monthly candles in a row during late 2015, the early weeks of 2016 saw BTC crash by 20% before producing several months of tightening consolidation.
Similarly, the five consecutive months of bullish momentum that kicked of 2019 was followed by a protracted downtrend, with BTC having fallen more than 60% from its 2019 highs amid the "Black Thursday" crash of March 2020. Bitcoin did not reclaim its 2019 price-highs until December 2020.
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