After a nearly 20% surge last week, Bitcoin's weekly candle closed at $ 8,900 on Sunday night. This was the seventh consecutive weekly gain for BTC since the low in mid-March when the cryptocurrency tested $ 3,600.
Even though the seven consecutive weeks don't mean much to most, it is a strong technical event that could signal that there is still more upside potential for the coming months.
Bitcoin could be there at the start of the next macro rally
Zack Voell, market analyst at CoinDesk, recently noted that Bitcoin has not made its seventh consecutive weekly profit since April 2019, the end of the last bear market. This would suggest that if history repeats itself, the cryptocurrency is on the verge of yet another bull market.
The idea that Bitcoin is on the verge of a bull run is underpinned by the fact that the block reward halves in eight days. Some believe that the halving could cause a strong crypto sale, but there is growing evidence that this is not the case.
As soon as bitcoin halving occurs, the number of coins issued per day will halve, reducing the amount of bitcoin on the market. When combined with a positive demand shock, prices should theoretically rise over time, but probably not immediately.
Further growth should follow this trend
According to an in-depth analysis of Bitcoin's consecutive weekly candles by a prominent crypto chartist and tech, last week's rally suggests that BTC should see gains again this week.
If the cryptocurrency has made profits for seven consecutive weeks, there has always been a rally in week eight. The following statement was made in his telegram channel:
“WE ARE CURRENTLY IN 7 CONSECUTIVE GREEN WEEKS. WE HAVE NEVER STOPPED AT 7. WE STOPPED THREE TIMES AT 8 ”.