{"id":340869,"date":"2022-05-24T19:16:35","date_gmt":"2022-05-24T13:46:35","guid":{"rendered":"https:\/\/www.www.bullfrag.com\/for-the-first-time-in-history-the-bitcoin-market-falls-for-8-weeks-in-a-row\/"},"modified":"2022-05-24T19:16:35","modified_gmt":"2022-05-24T13:46:35","slug":"for-the-first-time-in-history-the-bitcoin-market-falls-for-8-weeks-in-a-row","status":"publish","type":"post","link":"https:\/\/www.bullfrag.com\/for-the-first-time-in-history-the-bitcoin-market-falls-for-8-weeks-in-a-row\/","title":{"rendered":"For the first time in history, the bitcoin market falls for 8 weeks in a row"},"content":{"rendered":"<div>\n<div class=\"resumen\">\n<h5 class=\"resumen_title\"><span class=\"ez-toc-section\" id=\"Hechos_clave\"\/>Key facts:<span class=\"ez-toc-section-end\"\/><\/h5>\n<ul class=\"resumen_list\">\n<li class=\"resumen_item\">\n<p>Bitcoin closed out the week barely holding above $30,000.<\/p>\n<\/li>\n<li class=\"resumen_item\">\n<p>In this 8-week period, bitcoin has fallen by more than 40%.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<p>The price of bitcoin (BTC) closed lower again this past week.  With this last period of 7 days, it is already 8 consecutive weeks closing in the red for the cryptocurrency.  Something that had never happened before.<\/p>\n<p><strong>BTC fell another 3.29%<\/strong> between Monday, May 16, and the close of business this Sunday, May 22. At the close of Sunday, the price of the cryptocurrency was just above $30,000, according to the <a href=\"https:\/\/www.tradingview.com\/chart\/Pw1tRwcM\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">TradingView records.<\/a><\/p>\n<p>During this losing 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 this week closed again in red, there is something positive to highlight: <strong>a slight recovery from the low point of the previous period<\/strong>when the lowest price of the entire year for BTC was recorded, just over 25,000 dollars.<\/p>\n<p>As we previously reviewed in CriptoNoticias, <strong>BTC did not touch that price for more than a year. <\/strong>The last time it had happened was in December 2020, when the cryptocurrency was in full swing after breaking the 20,000 barrier (that was the all-time high since 2017).<\/p>\n<p>At the beginning of this week, BTC is in the green.  However, the rally is virtually unnoticeable, with the cryptocurrency hovering around $30,400.  It is not even equivalent to 0.5% increase, at the time of writing this article.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><picture class=\"wp-image-328565\"><source type=\"image\/webp\" data-lazy-srcset=\"https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-1024x662.png.webp 1024w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-300x194.png.webp 300w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-560x362.png.webp 560w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-750x485.png.webp 750w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-1140x738.png.webp 1140w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin.png.webp 1167w\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns='http:\/\/www.w3.org\/2000\/svg'%20viewBox='0%200%20700%20452'%3E%3C\/svg%3E\" data-lazy-sizes=\"(max-width: 700px) 100vw, 700px\"\/>\n<\/picture>\n<noscript><picture class=\"wp-image-328565\"><source type=\"image\/webp\" srcset=\"https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-1024x662.png.webp 1024w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-300x194.png.webp 300w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-560x362.png.webp 560w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-750x485.png.webp 750w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-1140x738.png.webp 1140w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin.png.webp 1167w\" sizes=\"(max-width: 700px) 100vw, 700px\"\/><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-1024x662.png\" alt=\"bitcoin price chart in the last year\" width=\"700\" height=\"452\" srcset=\"https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-1024x662.png 1024w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-300x194.png 300w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-768x497.png 768w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-560x362.png 560w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-750x485.png 750w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin-1140x738.png 1140w, https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/05\/registro-precio-bitcoin.png 1167w\" sizes=\"(max-width: 700px) 100vw, 700px\" title=\"\">\n<\/picture>\n<\/noscript><figcaption>Bitcoin fell for the eighth week in a row.  Source: TradingView.<\/figcaption><\/figure>\n<\/div>\n<h2 id=\"h-todo-lo-que-baja-tiene-que-subir\"><span class=\"ez-toc-section\" id=\"%C2%ABTodo_lo_que_baja_tiene_que_subir%C2%BB\"\/>&#8220;What goes down must go up&#8221;<span class=\"ez-toc-section-end\"\/><\/h2>\n<p>Market analyst Scott Melker highlighted in his most recent <a href=\"https:\/\/www.getrevue.co\/profile\/TheWolfDen\/issues\/the-wolf-den-505-the-pareto-principle-revisited-1184540?via=twitter-card&amp;client=MobileWeb&amp;element=issue-card\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">bulletin <\/a>bitcoin weekly losing streak  However, he assured that &#8220;with each passing week and more fear in the market, the chances of a considerable rebound rationally increase.&#8221;<\/p>\n<p>His reasoning is that if &#8220;what goes up must come down [\u2026] the reverse is also true, if only for a <em>rally <\/em>of relief\u00bb in the market.  Melker considered that it is difficult to guarantee that this rebound will occur, although it seems likely.<\/p>\n<p>The analyst sees an apparent recovery trend for the cryptocurrency.  Particularly, during the last two weeks.  Even having closed both periods in red.  For him, one element stands out: the fact that in the last two weeks <strong>there has been some level of recovery towards the end of each period.<\/strong><\/p>\n<p>In addition to this appreciation of Melker, in this newspaper we have reviewed in recent weeks that the behavior of investors suggests bullish expectations.  Buying has increased, institutional investors seem to be betting on a further rise in price and traders have taken advantage of the decline.<\/p>\n<p>There are those, however, who see a dark near future: there are analysts, such as 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 dollars in that period.  The analyst Nakamotolist also estimated the possibility of the cryptocurrency falling to $17,000.<\/p>\n<p>In both cases, <strong>bitcoin would have to hit another unprecedented negative milestone:<\/strong> break down to levels of a bull market cycle prior to the current one.  Based on the reading of those cycles, bitcoin should never go below $20,000, but only the market will decide that.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Key facts: Bitcoin closed out the week barely holding above $30,000. In this 8-week period, bitcoin has fallen by more than 40%. The price of bitcoin (BTC) closed lower again this past week. With this last period of 7 days, it is already 8 consecutive weeks closing in the red for the cryptocurrency. Something that<\/p>\n","protected":false},"author":68,"featured_media":340870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3394],"tags":[3114,5063,3695,4058,6665,7008],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.criptonoticias.com\/wp-content\/uploads\/2022\/04\/bitcoin-precio-ocho-semanas-caida.jpg","_links":{"self":[{"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/posts\/340869"}],"collection":[{"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/users\/68"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/comments?post=340869"}],"version-history":[{"count":0,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/posts\/340869\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/media\/340870"}],"wp:attachment":[{"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/media?parent=340869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/categories?post=340869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bullfrag.com\/wp-json\/wp\/v2\/tags?post=340869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}