Since February, Bitcoin's "monthly low" has continued to hit new highs.

As Bitcoin broke below the $10,000 support, many investors saw it as a sign of an impending bear market. However, diligent analysts have noticed that Bitcoin's monthly lows have been steadily rising, climbing from a low of $3,391 in February to $9,163 in July.

In the latest August market, the low point of Bitcoin remained at $9,427, leading many analysts to consider this a clear sign of an upward trend. Breaking below $10,000 does not necessarily indicate a bearish outlook. The cryptocurrency market experienced tension this month, with Bitcoin undergoing a major sell-off after consolidating above $10,000 for two weeks, dropping its price to around $9,500 support. Since the beginning of this year, as Bitcoin's price steadily rose and reached $13,000 in July, many have noted that this differs from the frenzy of the late 2017 bull market. Experienced analysts seem to agree that Bitcoin has only seen price increases throughout this year, with recent dips seeking support further proving this point. Even in the worst-case scenario, Bitcoin continues to show significant growth each month. Despite hitting a low of $9,427 in August, Bitcoin had increased by 178% from its low of $3,391 in February. Renowned cryptocurrency analysts also acknowledge the strong upward trend in Bitcoin's current price. Willy Woo from Adaptive Capital mentioned that despite recent "overheating," Bitcoin's price has just rebounded from its 128-day moving average, historically offering strong support during price fluctuations in bull markets. Additionally, reports indicate that the 128-day moving average has been touched 12 times in Bitcoin's history during upward trends, including in various months of 2016, 2017, and 2018. The much-anticipated Bakkt Bitcoin futures on the Intercontinental Exchange are scheduled to launch on September 23, potentially marking a technical key point on Bitcoin's daily chart. For further reading, explore topics such as blockchain scalability challenges, solutions, consensus mechanisms, and research indicating that Bitcoin accounts for over 90% of actual liquidity when measured. Join now to access the most comprehensive information on financial technology, blockchain insights, and industry examples!