RATE Group | Same Trend That Marked Start of Bitcoin’s $10,000 Run In 2019 Is Back
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Same Trend That Marked Start of Bitcoin’s $10,000 Run In 2019 Is Back

04 May Same Trend That Marked Start of Bitcoin’s $10,000 Run In 2019 Is Back

Posted at 11:22h in Bitcoin News by

After a nearly 20% surge last week, Bitcoin’s weekly candle on Sunday evening closed decisively green at $8,900.

This marked the seventh consecutive weekly gain for BTC, which has posted stellar performances ever since the mid-March capitulation lows.

Although the seven consecutive weeks may mean nothing to readers, it is a strong technical occurrence that may signal that even more upside is on the table for the months ahead.

Bitcoin Could Be at Start of Next Macro Rally

Zack Voell, a market analyst at CoinDesk, recently noted that Bitcoin closing its seventh consecutive weekly gain hasn’t happened since April 2019, when the last bear market ended.

This would suggest that should history repeat itself, the cryptocurrency is on the verge of yet another bull run.

Bitcoin weekly chart consecutive gains

Chart from @Zackvoell (Twitter)

Adding credence to the idea that Bitcoin is on the verge of a bull run is the fact that eight days away is the block reward halving, estimates suggest.

Some are under the belief that the halving…

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