Bitcoin Might Finally Break Its 9-Week Red Candle Streak -Breaking
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© Reuters. Bitcoin Could Finally End Its Nine-Week-Long Red Candle Streak- Continues with bear market continuation for ninth consecutive week.
- It is currently valued at $28-30K
- Lark Davis says that the bull market will be overtaken by week 10.
Bitcoin is expected to get past the 9-week bear market after it’s given investors a slight hope by going up 5.20% during the last 24 hours. Numerous indicators point to Bitcoin possibly rising by week 10.
Historically, as the Dollar goes down, Bitcoin goes up – which indicates that the next couple of weeks could be the right time for Bitcoin to go up. A drop in the Dollar index could be a good sign for crypto investors.
Tradingview: The Dollar Index
Similar to this, the stock markets are also going up. The crypto market being related to stock market means that we may see the next bull in a matter of a few minutes. Yet, this bull might be affected by the stock market’s current state.
Also, Bitcoin broke its record for red candles. The 9-week bear represented the longest bearish period. It is now expected to rise to $38K.
This estimation is built on the fact that a major down trend line has been controlling the market’s ups and downs for a long time. If Bitcoin goes up, the coin’s price will hit the major down trend line at around $38K.
If #bitcoin moves past the orange line of the blue circle, then we will most likely be on the path for major relief rallies back to 37k or 38k.
It will also test the main down trend line that is currently defining this market. pic.twitter.com/hMDfqIWtoo
— Lark Davis (@TheCryptoLark) May 29, 2022
The price will either break the line, head higher, or rebound into a bearish position. The stock market’s state, federal regulations and the acceptance of cryptocurrency worldwide, as well as the Dollar index will all have an impact on this.
As Bitcoin’s price goes back up, it will definitely be a good time for crypto investors and enthusiasts to pay closer attention to the market again.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. The information contained in this article shouldn’t be taken as advice. CoinQuora urges users to conduct their own research prior to investing in cryptocurrency.
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