Bitcoin Breaks 9 Red Weeks Trend, how far can the cryptocurrency rise in value?

• Bitcoin has finally changed its price direction after closing its first week in green.

• After nine consecutive weeks of closing lower than the previous one, Bitcoin broke the negative trend.

• The cryptocurrency jumped to $31,340.77 in the last 24 hours, an increase of 5%.

Bitcoin (BTC) as a cryptocurrency is and has been for quite a long time one of the biggest cryptos in terms of market capitalization.

The industry has been analyzing this cryptocurrency ever since its inception, as it is the prime candidate for mainstream adoption, given that countries are beginning to make it legal tender, and companies are starting to accept it as a payment method.

Now, after nine consecutive weeks of closing lower than the previous one, Bitcoin has finally managed to break past the negative trend.

Bitcoin marked its first green weekly candle since March

At the end of March, the overall landscape surrounding the Bitcoin cryptocurrency was a lot more bullish.

Bitcoin was about to challenge the $50,000 price point after an increase of over $10,000 throughout the span of two weeks, having a bullish run; however, what ultimately happened was the opposite.

Instead of having a further bullish run, BTC became bearish and weeks later ended in a negative record in regards to the consecutive weekly candles, which closed in the red.

In fact, Bitcoin would go on to have nine consecutive weeks where the cryptocurrency closed lower than the previous one.

This has changed; however, throughout the last 24 hours as of June 6, 2022, it started climbing in value.

Bitcoin closed the week above $29,250, which is the closing price at the end of last week. 

Then, BTC broke past the $30,000 price point, up to $31,340.77, according to data from TradingView.

Should you buy Bitcoin (BTC)?

On June 6, 2022, Bitcoin (BTC) had a value of $31,340.77.

When we look at the cryptocurrency’s all-time high, Bitcoin (BTC) had its ATH on November 10, 2021, when the token reached a value of $69,044.77.

When we go over the performance of the token throughout the previous month, Bitcoin (BTC) had its highest point of value on May 4 at $39,820.49, while its lowest point was on May 12 at $26,759.85. 

Here, we can see that the token decreased in value by $13,060.64 or by 32%. From May 12 to June 6, the token increased in value by $4,580.92, or by 17%.

With this in mind, we can see that Bitcoin (BTC) is finally starting to get back up in value and can expect to reach $37,000 by the end of June 2022.