BTC's 8-day positive streak is encouraging but warrants caution

While Bitcoin's eight consecutive days of positive closes on the daily chart is encouraging, caution is warranted before forecasting further gains, as the same phenomenon was observed during the 2022 bear market, CoinDesk reported. According to the outlet, yesterday's close marked the first time in four years that BTC has recorded eight straight days of gains. Historically, this pattern has led to a continued uptrend 60% of the time, with an average 30-day return of 19%. CoinDesk noted that this has occurred 15 times in the past. In nine of those instances, BTC rose over the subsequent 30 days, while it fell in the other six. "Furthermore, based on the halving cycle, this year is considered a bear market, so it is advisable to be cautious before expecting additional gains," the report explained.