8 Green Candles: Here’s What Happened To Bitcoin The Last Time It Appeared
05 Diciembre 2023 - 5:00PM
NEWSBTC
Bitcoin is on an impressive run and finally broke above $40,000 for
the first time in over a year. This run has been in the making for
a few months with the climax coming between the months of October
and December. As a result, Bitcoin has now recorded 8 green candles
on the weekly chart and historical performance suggests that this
is bullish for the price. 8 Green Candles For BTC On The Weekly
Chart In the last two months, the Bitcoin price has consistently
closed in the green, a trend that seemed foreign only a few months
ago. This green trend has continued through November which was
expected to be a bearish month and with the start of December,
Bitcoin saw another green weekly close. Related Reading: LUNC Stuns
With 300% Gains, Can It Reach Its Previous ATH Market Cap? During
this time that the BTC price has seen consistent green closes on
the weekly chart, the price has gone from as low as $27,000 to as
high as $42,000. This means that the price has risen approximately
50%, adding around $15,000 to its value in this two-month period.
This comes amid a time of polarizing views between the bulls and
the bears despite the bullish indicators continuously winning out.
The gains of the last eight weeks have completely washed out a year
of intense bearish headwinds and have seen the Bitcoin price
completely recover all its losses from the FTX collapse, as well as
its far-reaching contagion. BTC price readies for another leg up |
Source: BTCUSD on Tradingview.com What Happens To Bitcoin The Last
Time? With Bitcoin, historical performance can often be a good
pointer to future performance, especially when important trends are
being repeated. For example, the last time that the digital asset
confirmed 8 green candles on the weekly chart, the price exploded
not too long after. Related Reading: AVAX Uprising: Crypto Analyst
Predicts Bullish Wave To Push Price To $30 This is seen back in
2017 right at the start of the bull market where the price went
from around $1,100 to $2,900 before a slight pullback. However,
once the pullback was over, the price would begin another uptrend
that would send Bitcoin above $10,000 for the first time ever. If
this trend were to repeat itself this time around, then a pullback
from this level is likely, but not expected to last. The resulting
pump from the pullback will likely be the confirmation of the bull
market, leading to a new all-time high price. Bitcoin has also done
incredibly well following 8 green candles on the daily charts. As
reported by NewBTC, the Bitcoin price has also risen quickly when
these green candles appear. As such, it is an all-around bullish
signal for Bitcoin. Follow Best Owie on X (formerly Twitter) for
market insights, updates, and the occasional funny tweet… Featured
image from Eclectic Withcraft, chart from TradingView.com
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