• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

This Is Bitcoin’s Fifth Green Week in a Row. Analysts Think It’s Unlikely the Last

Nick Chong by Nick Chong
10 months ago
in Bitcoin
Reading Time: 3min read
This Is Bitcoin’s Fifth Green Week in a Row. Analysts Think It’s Unlikely the Last
Advertisement

Somehow, someway, Bitcoin has managed to rally over the past five weeks, amid the most uncertain economic conditions we’ve seen in years, even more so than since 2008’s Great Recession.

The rally has been so strong that since the March 12th “Black Thursday” crash, the cryptocurrency has managed to print five — yes, five — green weekly candles in a row for the first time since 2019’s small bull run, as analyst JofDom noted. That’s to say, if Bitcoin closes above ~$7,150 next Sunday, there will be six weeks in a row where the crypto has gone higher.

The candles represent a rally of nearly 100%.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Related Reading: Crypto Tidbits: Bitcoin Retakes $7,000, China’s CBDC Is Here, Wall Street Wants BTC & Ethereum

Although impressive, no doubt, analysts are starting to build an expectation that Bitcoin isn’t done yet, citing a convergence of technical and fundamental factors suggest BTC has room to the upside.

Bitcoin Has Room to Rally, Analysts Say

In the short term, analysts think Bitcoin is ready to rally even higher.

Per previous reports from NewsBTC, a simple fractal analyst by a popular crypto trader shows that Bitcoin’s price is on the verge of rallying 35% in the coming two to three weeks. The analyst noted that there are clear similarities between the price structure now and that seen during the December bottom, then the subsequent rally in January.

Bitcoin BTC

The bullish sentiment has only been added to by the rapidly growing number of user inflows, as observed by on-chain analytics platform Glassnode. The company found this week that the number of new users taking advantage of the Bitcoin network has tripled in the past few weeks, which is a trend last seen prior to 2019’s bull rally.

Some Beg to Differ

For some, though, the calls for Bitcoin to return to a booming bull market seem immature. A hedge fund manager named Mark Dow — the same investor who shorted the $20,000 top in December of 2017 and covered 12 months later at the $3,000s bottom — recently shared that he thinks the cryptocurrency is on the “edge of a cliff,” adding:

“I’ve been saying…that Bitcoin on the chart is facing massive overhead resistance. Based on this chart, this rn is a textbook opportunity to short,” he said while pointing to the below image.

Bitcoin BTC

Furthermore, Avi Felman — a trader and analyst at crypto-asset fund BlockTower, observed two signs that a reversal or at least a temporary correction was imminent:

  • The Tom Demark Sequential just printed a “9” candle on the three-day chart for BTC. Previous “9” candles on this chart marked the mid-March bottom and the December 2019 bottom, but front-ran the $10,500 top seen earlier this year.
  • Bitcoin has failed to break its three-day 50 and 200 simple moving average.
Related Reading: This One Financial Trend Will Make Bitcoin Succeed: Billionaire
Photo by Léonard Cotte on Unsplash
Tags: bitcoin pricebtcusdbullishtechnical analysis
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

Bitcoin Analyst Explains Why Traders Should Buy Altcoins All March

2 days ago
Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

Bitcoin Exchange Suffers Massive Outflow as BTC/USD Drops

2 days ago
Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

Bitcoin Exchange Coinbase to Go Public; What Does It Mean for BTC/USD?

3 days ago
Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

Bitcoin Sell-Off Resumes Ahead of Key Economic Data; What to Expect?

3 days ago
bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

3 days ago
Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

Bitcoin Hopes to Retest Record Highs After Powell’s Testimony; Here’s Why

4 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

What Will Happen to Oil Production and Distribution in 2021, and How Can You Make a Profit on It

February 28, 2021

Bitcoin Gaming Platform FreeBitco.in Acquires 3.75 Billion FUN Tokens

February 26, 2021

60-Minute IFO, 187 Times Over-Raised, 40 Times the Price, 98 Million US Dollar Marketcap: Berry Data Has Become a Bright Star on BSC

February 26, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.