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Analysis: Bitcoin has formed a hammer line pattern for two consecutive weeks, which may indicate a key turning point
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4 hours ago 2,957
According to CoinDesk, Bitcoin has seen a continuous hammer line candlestick graph pattern in the past two weeks, which is extremely rare in Bitcoin history. The hammer line pattern defined by analyst Checkmate means that the upper or lower shadow of the candle chart accounts for 90% of the total price range, leaving a small entity and long shadow. Data shows that in the week of February 24, the price of Bitcoin fluctuated between the low of $78,167 and the high of $96,515, with an amplitude of 23%. The subsequent week starting March 3, the price fluctuated between the low of $81,444 and the high of $94,415, with an amplitude of 16%. In both weeks, the candlestick pattern was formed at the opening-high-low closing, and the fluctuations were both at double-digit percentages. Checkmate analysis shows that Bitcoin has only seen a hammer line pattern with a 90% lower shadow on the weekly chart in only five periods in history: during the 2017 bull market, a bull peak near $69,000 at the end of 2021, after the Silicon Valley banking crisis in 2023, after the summer pullback in 2023, and a summer downturn in 2024. While these data do not show a clear pattern of the Bitcoin cycle, the bull market adjustment in 2017 was particularly prominent, suggesting that such patterns could signal a key turning point in price trends.
Keywords: Bitcoin
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