Analysis: Bitcoin has formed a hammer line pattern for two consecutive weeks, indicating a key turning point
According to CoinDesk, Bitcoin has seen a continuous hammer line candlestick pattern in the past two weeks, which is extremely rare in Bitcoin history. The hammer line pattern defined by analyst Checkmate refers to the upper or lower shadow of the candlestick accounting for 90% of the total price range, leaving a small solid and long shadow.
The data shows that during the week of February 24, the bitcoin price fluctuated between the low of $78,167 and the high of $96,515, with a amplitude of 23%. The following week, starting on March 3, the price fluctuated between the low of $81,444 and the high of $94,415, with a amplitude of 16%. Both weeks formed an opening-high-low closing candlestick pattern, and the fluctuations were both double-digit percentages.
Checkmate's analysis shows that there have been only five periods in Bitcoin's history where the hammer line pattern of 90% lower shadow on the weekly chart has occurred: during the bull market in 2017, the bull market peak near $69,000 at the end of 2021, after the Silicon Valley banking crisis in 2023, after the summer correction in 2023, and the summer downturn in 2024.
While these data do not reveal a clear pattern in the Bitcoin cycle, the 2017 bull market correction was particularly prominent, suggesting that such patterns could herald a key turning point in price trends.