Bitcoin’s Potential for Another All-Time High
Bitcoin (BTC) has been trading in the $40,000 to $45,000 range, struggling to surpass a crucial resistance level due to consolidation in the overall market. However, technical analysis suggests that Bitcoin may be poised for another all-time high based on historical price movements.
A significant development is the potential completion of Bitcoin’s first-ever weekly golden cross pattern, which is a bullish long-term price signal. A golden cross occurs when the 50-day moving average rises above the 200-week moving average. If BTC doesn’t experience a substantial drop before December 25, the inaugural golden cross is expected this week.
This golden cross is seen as an optimistic indicator of Bitcoin’s price trajectory, especially considering recent volatility in its price.
Start of BTC Bull Run?
Historically, when the 50-day simple moving average (SMA) surpasses the 200-day SMA of a digital asset, it often signals the start of a bullish period. This trend holds true for Bitcoin as well. By analyzing previous periods, we can gain insights into potential future price movements.
An upcoming event that could kickstart a fresh market cycle is the Bitcoin halving scheduled for 2024.
Bitcoin Price Analysis
Currently, BTC is trading at $43,599 with a slight decrease of -0.90% in the past 24 hours. However, it has gained 2.29% on the weekly chart and 19.23% on the monthly chart.
Technical analysis from TradingView indicates a bullish sentiment in various aspects. One-day metrics show a buy signal with a rating of 13, aligning with the score for moving averages. On the other hand, oscillators suggest a sell signal with a rating of 3.
It remains to be seen if these positive technical and historical indicators will indeed lead to an optimistic future for Bitcoin.
Hot Take: Bitcoin’s Golden Cross Signals Potential for New All-Time Highs
Bitcoin’s first-ever weekly golden cross pattern, where the 50-day moving average surpasses the 200-week moving average, suggests a bullish long-term outlook for the cryptocurrency. This golden cross, if confirmed, could propel Bitcoin towards new all-time highs.
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