Bitcoin Poised for a Golden Cross: Analyzing the Impending Bullish Surge
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Bitcoin Approaching a Milestone: The Golden Cross Phenomenon
Bitcoin (BTC), the cryptocurrency market leader by market capitalization, is on the brink of forming a bullish Golden Cross on its weekly chart. Trading just below its previous all-time high (ATH) of $108,786, BTC appears poised for another significant rally. Industry experts are actively analyzing the potential heights this upward momentum could reach.
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Golden Cross Formation: A Bullish Signal for Bitcoin
In a recent analysis shared on X, a well-known crypto strategist, Titan of Crypto, highlighted Bitcoin’s imminent Golden Cross formation on the weekly chart. The last occurrence of this technical pattern was in October 2024, which heralded a substantial rally, pushing Bitcoin to new ATHs over several months.
For those unfamiliar, a Golden Cross typically involves the short-term moving average (MA), such as the 50-day MA, crossing above the long-term MA, like the 200-day MA. This crossover is seen as an indicator of a potential shift to a sustained bullish trend, signaling an upward momentum to traders.
Analysts Predict Further Gains for Bitcoin
The current bullish trend of Bitcoin has captured the attention of numerous analysts, many of whom foresee continued growth. For instance, Master of Crypto forecasts BTC ascending to $116,000, driven by a breakout from a bullish pennant formation. Similarly, crypto analyst CryptoGoos shared insights highlighting BTC’s breakout from a price range, coupled with a bullish Moving Average Convergence Divergence (MACD) crossover.
The MACD bullish crossover occurs when the MACD line intersects the signal line, suggesting a transition from bearish to bullish momentum. This pattern often leads traders to anticipate a further upward price movement.
Potential for a Short Squeeze in Bitcoin’s Future?
In another analysis, renowned analyst Ted Pillows observed a skew in the long/short ratio towards shorts, as reported by leading crypto exchanges. Ted suggested that this scenario might trigger a short squeeze, potentially propelling BTC to new heights.
Meanwhile, analyst Jelle commented that Bitcoin is facing “one last hurdle” before it could surge towards $140,000, aligning with forecasts of a near-term peak of $120,000.
Positive Trends Bolster Bullish Sentiment
Adding to the optimistic outlook, Bitcoin has been experiencing substantial outflows from exchanges, with over 100,000 BTC withdrawn in the last three weeks. This trend indicates that investors might be positioning themselves for further gains. At the time of writing, Bitcoin trades at $107,031, reflecting a 2.5% increase in the past 24 hours.
Bitcoin’s daily trading chart reflects its current price at $107,031, as observed on TradingView.com.
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