Summary
- Bitcoin is continuing its upward trend, recording 8 consecutive weeks of bullish candles on the weekly chart.
- Analyst Crypto Dan mentioned that Bitcoin has continued its upward cycle even after recording 8 consecutive weeks of bullish candles in the past.
- Analysis of past Bitcoin cycles suggests that the upward trend may continue even after adjustment periods.
Bitcoin (BTC) has been on an upward trajectory for 8 consecutive weeks on the weekly chart.
On the 26th, CryptoQuant's on-chain analyst Crypto Dan stated, "Bitcoin has closed with bullish candles for 7 weeks so far, and it is currently showing a bullish candle for the 8th week. This phenomenon has only occurred once in this upward cycle between October and December 2023."
In past Bitcoin cycles, there were three instances of 8 consecutive weeks of bullish candles: after the COVID crash rebound began, after the 2020 halving when the rebound officially started, and after the early 2019 cycle low when the upward cycle began. Crypto Dan added, "Even after the 8-week bullish candle records in past cases, there were adjustment periods, but the upward cycle continued."
YM Lee
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