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According to Bitpush data, Bitcoin, the cryptocurrency with the highest market value, fell slightly on Monday after rising for seven consecutive weeks. Now there are only eight days left before Bitcoin's block reward is halved. Will Bitcoin continue to rise in the last week?

From historical data, in the early days of the bull market in 2019, Bitcoin also rose for seven consecutive weeks, which kicked off the entire bull market last year and pushed the price of Bitcoin to a high of around $14,000. If history repeats itself, this may drive Bitcoin's price up again this year, and the increase may exceed last year, and it may even set a record high.

However, market analyst Zack
Voell said that in the history of Bitcoin, after seven consecutive weeks of rising, there will always be a small correction in the eighth week, which seems to indicate that Bitcoin will not close higher this week. Although according to the supply and demand relationship, the price of Bitcoin should rise with the reduction of supply, this may not happen immediately when the halving occurs.

Crypto.com COO Eric Anziani believes that the halving of Bitcoin's block reward is the most important event in the cryptocurrency industry at present, which will have a significant impact on the entire industry.

He tweeted that the mining reward for Bitcoin miners will be halved from 12.5 BTC to 6.25 BTC, reducing the inflation rate from 3.68% to 1.8%, which will provide a long-term boost to Bitcoin's price.

He also added, "Historical halvings have led to medium- and long-term price increases for Bitcoin, but after each halving, short-term prices will also fluctuate unpredictably."

The recent increase in the market value of stablecoins is also considered a factor driving Bitcoin's price increase. According to Tokenview stablecoin data, the current USDT on-chain circulation is about 8.607 billion. Tether issued an additional 582 million USDT in the past week.

The Bitcoin MACD indicator has also recently reversed to bullish, and in 2017 and 2019, this indicator predicted a sharp rise in the cryptocurrency market.

Research firm Fundstrat Global Advisors wrote in a report last week that it expects Bitcoin to reach $14,350 in the next 12 months. Its co-founder Thomas Lee said that Bitcoin's performance so far this year proves that it not only benefits from the halving, but also acts as a "solid risk asset and hedging tool."