Bitcoin Price Goes on Double-Digit Growing Spree for Third Week in a Row

News
Mon, 05/20/2019 - 14:14
Alex Dovbnya
Given that Bitcoin is currently witnessing another meltdown📉, the fourth week could be a great possibility👆
Cover image via 123rf.com
Contents

The price of Bitcoin, the number one cryptocurrency by market capitalization, has been steadily rising since April 2. Recently, BTC marked the third consecutive week of double-digit price gains, its first time since December 2017, when BTC reached its ATH of $20,000.

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Bitcoin Price Repeats 2017 Rise-and-Fall Pattern: JP Morgan Analysts

Another bull market?

As reported by U.Today, the Bitcoin price retraced to the $6,100 level, which was allegedly caused by market manipulations. It took very little for the coin’s price to rebound, and it closed the week on a high note, hitting almost $8,300 on Sunday.

Bitcoin has just fallen below the $7,800 level, which confirmed another price correction. At press time, BTC is sitting at $7,689, already recording a 3 percent drop over the last 24 hours. If this bearish trend persists, the BTC price could eventually dip back to the $7,200 level before it pumps again.

The looming ETF decision

The fact that there is bullish bias indicates that Bitcoin could be well-positioned to extend its streak of impressive weekly gains with $8,500 being a realistic target. If the SEC delays its decision on the VanEck ETF application on May 21, it won’t probably have a major impact on the Bitcoin price. In case it gets approved/rejected, one should expect an enormous level of volatility in the market.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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