For the first time in history, bitcoin market falls for 8 weeks in a row

The price of bitcoin (BTC) closed down again this last week. With this last 7-day period, it is already 8 consecutive weeks closing in the red for the cryptocurrency. Something that had never happened before to date.

BTC fell another 3,29% between Monday, May 16 and the end of the day this Sunday, May 22. At the close of Sunday, the price of the cryptocurrency was just above $30,000, according to the TradingView logs.

During this negative streak for bitcoin, the price has fallen from almost $47,000 per unit. Or what is the same: there has been a drop of more than 40% in 8 weeks for BTC. And although it closed in the red again this week, there is something positive to highlight: a slight recovery from the low point of the previous period, when the lowest price of the entire year for BTC was recorded, just over $25,000.

As we previously reviewed in Criptonews, BTC has not touched that price for more than a year. The last time it had happened was in December 2020, when the cryptocurrency was in full bullish boom after breaking the 20,000 barrier (that was the historical maximum since 2017).

At the beginning of this week, BTC is in the green. However, the rebound is practically imperceptible, with the cryptocurrency hovering around $30,400. It doesn’t even amount to a 0.5% increase, at the time of writing this article.

“Everything that goes down has to go up”

Market analyst Scott Melker highlighted in his most recent newsletter the weekly bad streak of bitcoin. However, he assured that “with each passing week and more fear in the market, the chances of a considerable rebound increase rationally.”

His reasoning is that if “everything that goes up has to come down […] the opposite is also true, if only for a rally of relief” on the market. Melker considered that it is difficult to guarantee that such a rebound will occur, although it seems likely.

The analyst sees an apparent recovery trend for the cryptocurrency. Particularly, during the last two weeks. Even, having closed both periods in the red. For him, one element stands out: the fact that in the last two weeks there has been some level of recovery towards the close of each period.

In addition to this appreciation of Melker, in this newspaper we have reviewed in recent weeks that the behavior of investors suggests bullish expectations. Purchases have increased, institutional investors seem to be betting on a new rise in the price and traders have taken advantage of the decline.

There are those, however, who see a dark near future: there are analysts, like Harry Dent, who foresee a prolonged bear market even until 2024. For him, BTC could fall to a range between $3,000 and $7,000 in that period. Also, analyst Nakamotolist estimated the possibility of the cryptocurrency falling to $17,000.

In both cases, bitcoin would have to reach another unprecedented negative milestone: break down to levels of a previous bull market cycle to the current one. According to the reading of those cycles, bitcoin should never go below $20,000, but only the market will decide that.