Bitcoin’s First Ever Weekly Golden Cross Signals Early Bull Market
Bitcoin (BTC) is showing signs of entering an “early bull market” as a unique chart pattern unfolds. Entrepreneur Alistair Milne highlighted Bitcoin’s first ever weekly golden cross in a recent post on X (formerly Twitter). This bullish signal occurs when the 50-week moving average (MA) crosses above the 200-week MA.
Bitcoin Goes from Death Cross to Golden Cross in 10 Months
The recent price increase of BTC has resulted in significant profits for Bitcoin investors. However, the 165% year-to-date gains hold a special significance due to the potential golden cross formation. The 50-week and 200-week MAs are crucial trendlines for Bitcoin traders. The 200-week MA, which serves as the ultimate bear market support level, has never decreased in value before. Earlier this year, BTC fell below the 200-week MA, but it has since risen above it. If the 50-week MA surpasses the 200-week counterpart, it will form a golden cross, indicating a classic bullish signal.
Bearish BTC Price Predictions Persist
Despite the golden cross formation and bullish sentiment, some experts maintain bearish BTC price predictions. Crypto Chase, a popular trader, revealed a short BTC position when Bitcoin crossed $43,000 and expects the price to drop to the low $20,000 range. Similarly, trader Il Capo of Crypto believes that $12,000 is Bitcoin’s true bottom target and anticipates a significant dump in both BTC and altcoin prices.
Hot Take: Mixed Sentiment Surrounding Bitcoin’s Future
The cryptocurrency community is currently divided on Bitcoin’s future trajectory. While the golden cross signals an early bull market, some experts remain bearish and anticipate further price drops. It remains to be seen whether Bitcoin will reach new all-time highs or experience a significant downturn. The market sentiment and performance in the coming months will provide more clarity on the direction of the world’s largest cryptocurrency.
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