Bitcoin Hits $44K, Holds 8th Consecutive Green Candle on Weekly Chart

Bitcoin is experiencing a significant surge in value, surpassing the $44,000 mark. This upward trend has persisted consistently over the past few weeks, initiating around October and extending into December. Currently, Bitcoin has registered eight consecutive green candlesticks on the weekly chart, historically indicating a bullish trend.

Over the last two months, Bitcoin’s price has consistently closed in the green, a trend seemingly distant just a few months ago. During this period, the price has surged from a low of $27,000 to a peak of $44,000. This signifies a remarkable increase of over 50%, adding more than $15,000 to its value in a two-month span.

This surge occurs amid continuous dominance of bullish indicators. The eight-week rally has completely overshadowed the crypto winter, a year marked by adverse price movements, witnessing Bitcoin fully recovering from the aftermath of the FTX collapse.

In history, the last time Bitcoin confirmed eight consecutive green candlesticks on the weekly chart, a significant price explosion followed shortly after. This was observed in 2017 at the beginning of a growth market, where the price surged from around $1,100 to $2,900 before a minor correction. However, when the upward trend concluded, a new bullish trend began, propelling Bitcoin above $10,000 for the first time.

If this pattern repeats, there is a likelihood that the market will undergo a correction from this point, but it is anticipated not to be prolonged. The upward price movement would serve as confirmation of a growing market, leading to new all-time high price levels.

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