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Bitcoin‘s Golden Cross Signals Potential for Important Price Surge
A widely watched technical indicator, the “golden cross,” has recently appeared for Bitcoin, sparking optimism among traders for substantial price appreciation. This bullish signal, characterized by the 50-day moving average (SMA) crossing above the 200-day SMA, has historically preceded significant upward movements in Bitcoin’s price.
while the longevity of these crosses can vary, their impact on BTC’s price action is undeniable. As noted by trader Merlijn, “Every. Single. Time.This signal shows up $BTC goes vertical.” Historical data supports this assertion, with major bull market rallies in 2017 and 2020 witnessing gains exceeding 2,000% following extended golden crosses.
The most recent instance of this signal occurred in October 2024,when Bitcoin was trading around $65,000.In the subsequent three months, the cryptocurrency surged to new all-time highs, nearing $110,000. Merlijn highlighted the similarity between the current setup and previous instances, stating, “Same setup. Same signal,” in reference to the cross confirmed on May 22nd.
While the current gains following this latest cross have been more modest, totaling around 12%, projections based on historical patterns suggest considerable upside potential. If Bitcoin’s performance mirrors the short-lived cross observed in 2016, the target price could reach $155,000.
Adding to the bullish sentiment, Bitcoin experienced its first-ever weekly golden cross at the beginning of 2024, coinciding with the start of the current bull market’s significant upward trajectory.
The $120,000 Mark: A Crucial Hurdle for Bitcoin’s Next Leg Up
Currently consolidating below the $120,000 resistance level,Bitcoin is presenting market participants with compelling reasons to anticipate further price discovery. Many analysts are targeting $135,000 as the next significant resistance level, suggesting that Bitcoin may soon break free from broader macroeconomic concerns and embark on its own independent rally.
Trader and analyst Rekt Capital commented on the situation, stating on X (formerly Twitter) that a daily close above the ~$120,000 range high, followed by a successful retest of that level, would confirm a breakout to new all-time highs for Bitcoin. Rekt Capital also observed that the current consolidation phase has led to capital flowing into altcoins, a common phenomenon during periods of Bitcoin’s sideways movement.
This article does not constitute investment advice. All investment and trading decisions carry inherent risks, and readers are encouraged to conduct their own thorough research.
