Bitcoin recorded its eighth consecutive day of gains, its first such streak in four years.

Bitcoin has risen for eight consecutive trading days, the first time this has happened in nearly four years. Data shows that historically, similar consecutive upward trends have seen continued gains in the following 30 days about 60% of the time, with a median increase of approximately 19%. This current surge began on March 9th, with the price of Bitcoin gradually rising from around $68,000 to above $75,000. Analysts point to capital inflows related to recent geopolitical tensions in the Middle East. However, the market also cautions against further losses. Historically, similar consecutive gains have also occurred during bear markets; for example, in the same period in 2022, an eight-day winning streak was followed by a price drop of approximately 30% in the subsequent 30 days. The market is currently in the contraction phase of Bitcoin's four-year halving cycle. (CoinDesk)