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Home Cryptocurrency news

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

Tony Spilotro by Tony Spilotro
10 months ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
bitcoin price chart lucky number 7
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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.

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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.

Related Reading | All Bitcoin Fundamentals Scream “Buy” Says Prominent Market Researcher 

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?

bitcoin price chart

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.

bitcoin price chart

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.

Related Reading | Sell Bitcoin in May and Go Away? Ominous June Event Could Cause Crash

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
Tags: bitcoinbtcusdBull Marketcryptolucky number 7
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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