Bitcoin
Statistics Show Bitcoin Likely to Push Higher as Weekly Close Looms
Cole Petersen | Apr 25, 2020 | 16:24
- Bitcoin is currently pushing up towards fresh post-crash highs within the upper-$7,000 region
- This comes as a very important weekly close fast approaches
- If Bitcoin is able to post a green candle close, statistics show that it could climb significantly higher in the days and weeks ahead.
Bitcoin has shown some signs of serious strength throughout the past several days and hours as it begins pushing to fresh post-crash highs within the upper-$7,000 region.
This push has significantly bolstered the cryptocurrency from a technical perspective, allowing it to show some serious signs of strength as its weekly close fast approaches.
One analyst is now noting that the cryptocurrency could be statistically likely to push higher in the weeks ahead if it closes this weekly candle green.
Bitcoin Pushes Past $7,600 as Bullish Undercurrent Grows
At the time of writing, Bitcoin is trading up over 1% at its current price of $7,620, marking a notable climb from daily lows of $7,450 that were set during a fleeting dip yesterday.
It does appear that the benchmark cryptocurrency is facing some resistance around its current price levels, although the strength of its recent uptrend is likely to continue propelling it higher in the near-term.
One potential result of this latest upswing past $7,600 could be a break above a channel that it had previously been forming.
A popular pseudonymous options trader spoke about this channel in a recent tweet, referencing a chart showing it having an upper boundary at just below the crypto’s current price.
“BTC: Break and hold above the current channel and hopefully we begin the next leg. Still long from 7140~ Remaining patient,” he noted.
Image Courtesy of Chase_NL
If BTC holds above this channel in the coming hours, it could help fuel further upside.
BTC Statistically Likely to Push Higher if Weekly Candle Closes Green
Another popular crypto analyst recently mused another highly bullish possibility, explaining that history shows Bitcoin is likely to push higher in the weeks ahead if it posts a green weekly candle close tomorrow.
“If this week closes green (pending tomorrow’s close), 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. If next week is also green, historic records show 100% of another green week,” he explained while pointing to the chart seen below.
Image Courtesy of Bitcoin Jack
This possibility is highly likely to be confirmed, as it would only be invalidated if Bitcoin declines below where it started the week at $7,200.
Featured image from Unsplash.
