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Yes, the Bitcoin price may have stalled in the past three days and have lost some steam at around $ 7,500, but the cryptocurrency is still decidedly bullish from a macro perspective, at least according to analysts.
It should not be forgotten that Bitcoin has printed a green candle for six consecutive weeks. These six candles represent a recovery of more than 80 percent from the mid-March low of around $ 3,600.
It is interesting that this achievement has been achieved despite the uncertainty in the financial market, which makes it even more impressive. But that’s not all, because analysts hope Bitcoin is not yet done with its upward move. Statistics show that the cryptocurrency is likely to post gains for the seventh consecutive week.
There is a high probability that Bitcoin will recover this week
According to a pseudonymous crypto trader, “Bitcoin Jack,” the probability of BTC rising further in the next seven days is high. He explained that in 75 percent of the cases in which Bitcoin managed to print six green candles in a row, the following week it increased further:
“When this week turns green, we have 6 consecutive W1 bull candles for BTC. This only happened 8 times for the young asset: 6 then they saw a bull candle, 2 they saw a bear candle. ”
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In previous reports, the popular technical analyst, nicknamed “Filb Filb,” noted that there is a clash of signs suggesting that Bitcoin is on track to do extremely well in the coming weeks. The meeting consists of four factors, he explained:
- The balanced volume indicator, which tracks momentum through the price-to-volume ratio of the market, has undergone a break above a four-week trend line. He suggests that this is the most technically significant break in Bitcoin’s price in recent weeks.
- BTC has recently crossed a major downtrend line that peaked at $ 10,500 and has maintained a significant support zone in the mid-range of $ 6,000.
- The market capitalization of all stablecoins skyrocketed as Tether’s market capitalization alone exceeded $ 7 trillion. The idea behind this is that the more stable coins are in circulation, the more money stays on the edge and is ready to go. Buy Bitcoin. This statement has been under a bit of pressure lately.
- The halving for Bitcoin is now less than three weeks away
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