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.
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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.
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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
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