Bitcoin monthly candle close signals possible mega rally in December

Historically, when a Bitcoin monthly candle closes above previous candles the digital asset has seen a prolonged rally.

Atop this high time frame pattern, Bitcoin's monthly candle in September closed above $13,000 for the first time since 2017.

In terms of the 'BTC rally' narrative, the timing for a new Bitcoin rally makes sense.

Every four years, Bitcoin undergoes a block reward halving which reduces the pace at which new BTC is mined by 50%. The price of BTC typically peaked 14 to 16 months after the halving in the past two cycles.

In 2017, Bitcoin saw massive inflows of new retail money flowing in the U.S., South Korea, and Japan.

Three years ago, there was a mainstream frenzy around Bitcoin and cryptocurrencies in general because they surged significantly higher than stocks and other risk-on assets.

New retail investors were allured by the unprecedented volatility cryptocurrencies provided, causing Bitcoin to rally to a new all-time high.

Currently, Bitcoin is demonstrating a parabolic uptrend wherein on the weekly and monthly charts, it is rising without major pullbacks.

Most recently, as Cointelegraph reported, billionaire hedge fund investor Stan Druckenmiller became the latest high-profile investor to disclose his investment in Bitcoin.

The Bitcoin price is showing resilience after achieving $15,000 for the first time since 2017.