bitcoin is on an impressive streak and finally surpassed $40,000 for the first time in over a year. This race has been brewing for a few months and its climax occurred between the months of October and December. As a result, bitcoin has now recorded 8 green candles on the weekly chart and the historical performance suggests this is bullish for the price.
8 green candles for btc on the weekly chart
Over the past two months, the price of bitcoin has consistently closed in the green, a trend that seemed strange just a few months ago. This green trend continued into November, which was expected to be a bearish month, and with the start of December, bitcoin experienced another green weekly close.
During this time where btc price has had consistent green closes on the weekly chart, the price has gone from a low of $27,000 to a high of $42,000. This means that the price has increased by approximately 50%, adding around $15,000 to its value in this two-month period.
This comes at a time of polarized opinions between bulls and bears despite bullish indicators continually winning. The gains of the past eight weeks have completely erased a year of intense bearish headwinds and have seen the price of bitcoin fully recover all of its losses from the FTX collapse, as well as its wide-ranging contagion.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/This-is-what-happened-to-Bitcoin-the-last-time-it" alt="Tradingview.com bitcoin Price Chart (8 Green Candles)” width=”2650″ height=”1530″ loading=”lazy”/>
btc price readies for another leg up | Source: BTCUSD on Tradingview.com
What about bitcoin last time?
With bitcoin, historical performance can often be a good indicator of future performance, especially when important trends repeat. For example, the last time the digital asset confirmed 8 green candles on the weekly chart, the price skyrocketed shortly after.
This was seen in 2017, right at the beginning of the bull market, where the price went from around $1100 to $2900 before a slight pullback. However, once the pullback ended, the price would begin another uptrend that would send bitcoin above $10,000 for the first time.
If this trend were to repeat itself this time, then a pullback from this level is likely, but it is not expected to last. The resulting pullback effect will likely be confirmation of the bull market, leading to a new all-time high price.
bitcoin has also done incredibly well after 8 green candles on the daily charts. As NewBTC reported, bitcoin price also rose rapidly when these green candles appeared. As such, it is a widespread bullish signal for bitcoin.
