Bitcoin Price Sets Longest Stretch of Positive Weekly Growth Since May 2017

Tony "The Bull" Severino

Last Updated: April 29, 2020 4:00 pm

2 mins read

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In the early morning hours, Bitcoin price surged above $8,000 for the first time since the historic Black Thursday market collapse.

The recent high marks longest stretch of consecutive green weekly candles since the 2017 cryptocurrency bull market, which pushed the price of the first-ever cryptocurrency to an all-time high of $20,000. Will this rare occurrence kickstart the next, long-awaited crypto bull run?

Bitcoin Price Weekly Candle Turns Green, Marking Seventh in a Row

The devastating Black Thursday market collapse crushed the hopes and dreams of crypto investors.

The crypto community has long expected Bitcoin’s halving to ignite a new bull run, but a crash to below $4,000 sent sentiment into extreme fear even while the first-ever cryptocurrency’s price continued to rise – week after week.

In the weeks following the record-setting crash, Bitcoin price has doubled in value from the lows. This week’s positive Bitcoin price action now makes for the seventh consecutive green weekly price candle, marking the first time this has occurred since the 2017 bull market.

It is also the seventh time in the asset’s history that this has ever happened. Is seven Bitcoin’s lucky number?

Lucky Number 7: Previous Weekly Bullish Price Action Led Explosive Impulse Upward

Looking back at past Bitcoin cycles, every time this has occurred, it has led to an enormous bullish impulse.

Each and every time has almost exclusively been during a bull market. The only bear market rally of similar magnitude set the bottom in late 2015 and started Bitcoin’s trajectory toward $20,000.

The first happened just as Bitcoin got started in early 2011, followed by another in 2012.

Two of these surges happened in 2013 alone, rising nearly 8,000% that year.

The 2014 bear market lacked any such bullish momentum, until late 2015 when the burst in buying marked the bottom.

The next and most recent time this happened, was from April through June 2017.

At the start of the surge, Bitcoin price was trading at $1,000. By the end, it grew 300% in value.

Now, the seventh ever string of seven or more consecutive green weekly candles is here, and it could kick off yet another powerful bullish impulse. But it all depends on a green weekly close.

Bitcoin’s halving is just days away at this point, reducing the block reward in BTC miners receive and thus throwing off the balance of supply and demand.

The halving has long been expected to be a primary factor behind a new bull market.

This is dependent on a Bitcoin price weekly close above $7,750. The asset also has to deal with a critical monthly close tomorrow night.

After April’s devastating crash, bulls need to set the record straight and put Bitcoin price back on its bullish path.

Featured image from Pixabay

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.