2020-4-28 17:00 |
Yes, the price of Bitcoin may have stalled over the past three days, stagnating around $7,500, but the cryptocurrency is still decisively bullish from a macro perspective, analysts say.
In fact, should BTC close the weekly candle above $7,100 in approximately seven hours as of this article’s writing, this will be the sixth — yes, sixth — week in a row that Bitcoin has registered. The six candles represent a rally of over 80 percent from March’s capitulation lows.
Chart from TradingView.comThis performance comes in spite of an uncertain macroeconomic outlook, which makes it all the more impressive.
Although impressive, no doubt, analysts are starting to build an expectation that Bitcoin isn’t done yet, with statistics showing that there’s a high likelihood the cryptocurrency registers its seventh week of gains in a row — last seen in the midst of the crypto bubble that formed in late 2017.
There is a high chance Bitcoin will rally this weekAccording to a pseudonymous crypto trader, “Bitcoin Jack,” there’s a high likelihood BTC continues to rally even higher over the next seven days per simple statistics.
He explained that 75 percent of the time that Bitcoin has managed to print six consecutive green candles in a row, the next week sees BTC rally even higher:
“If this week closes green, we have 6 consecutive W1 bull candles for BTC. This only occurred 8 times for the young asset: 6 saw a bull candle next, 2 saw a bear candle next.”
Chart from Twitter (@BTC_JackSparrow) Technicals support this sentimentThe technical outlook supports the statistics.
Per previous reports from CryptoSlate, the popular technical analyst with the moniker of “Filb Filb” observed that there is a confluence of signs suggesting Bitcoin is on track to do extremely well in the weeks ahead.
The confluence consists of four factors, he explained:
The on-balance volume indicator, which tracks momentum by relating price and market volumes, has seen a breakout above a four-week trend line. It suggests this is the most technically-significant Bitcoin price breakout over the past few weeks. BTC has recently moved above a key descending trendline that marked the $10,500 top and has held a key support zone in the mid-$6,000s. The market capitalization of all stablecoins has continued to surge higher, with Tether’s market capitalization alone surmounting $7 trillion. The idea with this goes that the more stablecoins there are in circulation, the more money is sitting on the sidelines ready to buy Bitcoin. This narrative has been under a bit of pressure as of late though. The Bitcoin block reward halving is now less than three weeks out.The post Analyst: this statistical model says there’s a 75% chance Bitcoin rallies even higher next week appeared first on CryptoSlate.
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