Bitcoin hits rare 8-day winning streak – but 2022 bear market saw one too

Bitcoin recently completed an eight-day winning streak, a rare occurrence that has historically often led to further gains, with the median return over the following 30 days being about +19% across fifteen prior instances. However, analysts urge caution because this rally coincides with geopolitical tensions and, structurally, the current period falls within the historically bearish phase of Bitcoin's four-year mining reward halving cycle, similar to 2022. In 2022, an eight-day winning streak in March preceded a roughly 30% price decline over the subsequent 30 days, suggesting the current momentum might just be a temporary rebound within a broader downtrend, especially as prices are already down 50% from their record high. Therefore, the comparison to the 2022 cycle calls for cautious optimism rather than blind confidence.

(Source：CoinDesk)