- Bitcoin has recorded double-digit gains for three consecutive weeks, a feat last seen during the height of the bull market in 2017.
- BTC’s quick recovery from Friday’s low of $6,178 indicates “buy the dip” mentality is quite strong. Further, the daily and weekly charts are biased bullish. Prices, therefore, could rise to $8,500 (July 2018) this week.
- Before such a rise, however, we may see a correction to $7,500–$7,200, according to the hourly chart.
- The short-term outlook would turn bearish only if prices find acceptance below the 30-day moving average, currently at $6,239.
Bitcoin (BTC) is looking strong, having registered double digit gains for three consecutive weeks.
The leading cryptocurrency by market value closed last week with 17.5 percent gains, having rallied 22.16 percent and 10.62 percent in the preceding two weeks, respectively, according to Bitstamp data.
The last time BTC witnessed a similar bullish run was in the final quarter of 2017, when the cryptocurrency had logged in double digit gains for five weeks straight to hit an all-time high of around $20,000 on Dec. 17.
The latest weekly winning streak could be extended further, as BTC’s quick recovery from Friday’s lows below $6,100 to a high of $8,299 on Sunday indicates a strong “buy the dip” mentality.
As of writing, BTC is changing hands at $7,903, representing a 1.36 percent drop on the day.
Other top cryptocurrencies like ether (ETH), litecoin (LTC), binance coin (BNB) and XRP are also reporting moderate losses, according to CoinMarketCap.
As can be seen,