Bitcoin’s price fell for the first time in history after nine consecutive weeks of declines. Previously, the record streak had not exceeded seven weeks.
As many have mentioned, it looks like the Bitcoin price will decline for 9 consecutive weeks. The largest ever number of consecutive week on week declines
The previous high was 7 weeks, ending 12 Jan 2015
There are also 3 periods of 6 week on week consecutive price declines
— BitMEX Research (@BitMEXResearch) May 29, 2022
According to BitMEX Research, a run of six consecutive weekly red candles occurred three times.
From March 21 to May 29, Bitcoin fell 37.2%—from $46,864 to $29,449 (Bitstamp data). At the time of writing, the asset was trading at $30,585.
The main driver of the downturn was the expectation of tighter Fed policy. During May, additional pressure was created by the Terra ecosystem collapse. The events accelerated the pace of declines in the cryptocurrency market relative to the Nasdaq index. By the end of April, the correlation with the stock indicator reached record levels.
JPMorgan analysts put Bitcoin’s fair price at $38,000.
Guggenheim Partners’ Chief Investment Officer Scott Minerd and Bitcoin critic Peter Schiff warned that the price of digital gold could fall to $8,000.
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