BroadChain has learned from CoinDesk that Bitcoin has now risen for eight consecutive trading days, marking its first such winning streak in nearly two years.
Historical data indicates that in roughly 60% of cases, similar streaks of gains have been followed by further price increases over the next 30 days, with a median rise of about 19%.
The current rally began on March 9, pushing Bitcoin's price from around $68,000 to above $75,000.
Analysts point to capital inflows amid heightened geopolitical tensions in the Middle East as a key driver behind this upward trend.
However, market observers are urging caution.
Historically, similar multi-day rallies have also occurred during bear markets. For example, an eight-day advance in the same period of 2022 was followed by a price drop of roughly 30% over the subsequent month.
The market is currently navigating the contraction phase of Bitcoin's four-year halving cycle, adding another layer of complexity to the outlook.