After BTC closed Ninth Successive Bearish Candlestick, can it recover?

  • Bitcoin has reached the $30,000 price range.

  • Despite the ninth successive bearish candlestick situation, BTC has not dropped below its value on May 12, at $26,700.

  • Bitcoin (BTC) has seen an increase in value of 5% and in trading volume by 58% in the last 24 hours.

Bitcoin (BTC) is the largest cryptocurrency in terms of market capitalization, which leads the cryptocurrency space.

Its price swings can impact the overall broader crypto space, including many altcoins.

It is the go-to cryptocurrency for mainstream adoption, and as such, it carries a lot of weight.

The Ninth successive Bearish Candlestick: cause for worry or not? 

Bitcoin created a small bearish candlestick during the week of May 23 to 30.

From the week of March 28 to April 5, Bitcoin marked its ninth consecutive bearish weekly candlestick.

This caused a breakdown of the long-term ascending parallel channel.

However,  BTC has not dropped below its value on May 12, at $26,700, which is a solid sign that the token can only go up from here. 

As of May 30, 2022, BTC is trading at $30,598.06, and as such, we are going to go over the token’s price historically to see what this means for its future growth and how far it can climb from here. 

Should you buy Bitcoin (BTC)?

On May 30, 2022, Bitcoin (BTC) had a value of $30,598.06.

In order for us to get a better perspective as to what kind of value point this represents for the Bitcoin (BTC) cryptocurrency, we will be going over its all-time high point of value, as well as its performance throughout the previous month. 

Bitcoin (BTC) had its all-time high point of value on November 10, 2021, when the token reached a value of $69,044.77. 

Bitcoin (BTC) had its highest point of value on April 2, when the token reached a value of $47,003.43.

When we look at the lowest point of value, it was on April 26, 2022, when the token decreased in value to $38,084.54. This marked a decrease in value of $8,918.89 or 19%. 

Furthermore, we can see that its 7-day low was at $28,448.80, while its 7-day high was at $30,756.01.

This gives us a heightened perspective as to what we can expect moving forward. Specifically, Bitcoin (BTC) can reach $32,000 by the end of June 2022.