The price of the flagship cryptocurrency Bitcoin ($BTC) could soon surge to the $25,000 mark and put a “nail in the coffin” of $BTC bears and short sellers, as the cryptocurrency’s 50-day moving average rises above its 200-day moving average.
According to Investopedia, there are three stages to a golden cross, with the first one requiring a downtrend to eventually bottom out as selling is depleted. The second stage comes after the shorter moving average “forms a crossover up through the larger moving average to trigger a breakout and confirmation of trend reversal. “ A third stage occurs with the continuation of an uptrend.
Bitcoin’s price charts last formed a golden cross in September 2021 on their daily timeframes, roughly two months before the flagship cryptocurrency’s price moved to a new all-time high near the $69,000 mark, as first noted by Cointelegraph.
Venturefounder, a contributor to on-chain data platform CryptoQuant, noted that the golden cross could see $BTC rise over $25,000 and help that level become a support level that sees demand outstrip supply – which could further help Bitcoin’s price rise in the future.
As CryptoGlobe reported, popular and highly respected on-chain Bitcoin analyst Willy Woo has recently revealed the recent $BTC price rally “coincides with a new pattern emerging of stablecoins flowing into exchanges during work days only. Seems to me like the heat signature of large institutions doing the buying.“
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Notably, ARK Invest has recently revealed in a report that the price of Bitcoin could top $1.4 million per coin in the future, based on their bullish case, as the cryptocurrency’s “long-term opportunity is strengthening.”
Per the firm, Bitcoin is now “likely to scale into a multi-trillion dollar market.” ARK Invest bases its predictions on $BTC’s penetration rate in several use cases, including as corporate treasury, a remittance asset, nation-state treasury, an emerging market currency, an economic settlement network, a seizure-resistant asset, an institutional investment, and digital gold. In its most bullish case, ARK Invest sees Bitcoin’s price hit $1.48 million by 2030.
Bitcoin is, at the time of writing, trading at around $23,000 per coin after having its best January since 2013, in which it rallied well over 40%, significantly outperforming the stock market and gold.
On social media, however, various analysts pointed out that the golden cross may not mean the price of $BTC is set to move up in the near future, as on weekly timeframes $BTC’s 50-period moving average dropped below its 200-period moving average, in what is known as a death cross. A death cross indicates price weakness.
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- Source: https://www.cryptoglobe.com/latest/2023/02/bitcoin-golden-cross-could-see-btc-move-to-25000-in-nail-in-the-coffin-for-bears/
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