Bitcoin: Ready for Another Bull Run?
Bitcoin Enters Early Bull Market with Emergence of Golden Cross Pattern
Bitcoin investors and analysts are abuzz with excitement as a unique chart pattern emerges for the first time in the cryptocurrency’s history, signaling an early bull market. Entrepreneur Alistair Milne drew attention to Bitcoin’s golden cross pattern in a post on December 7, outlining the potential for a significant rise in the cryptocurrency’s price.
The recent surge in Bitcoin’s price has already brought significant profits to investors, with a 165 percent increase since the beginning of the year. However, what makes this rise even more significant is the potential crossover of the two-week moving average (MA), which has never before given such a bullish signal.
The 50-week and 200-week MAs are critical trend lines for Bitcoin investors and analysts. The 200-week MA, in particular, has not fallen in value at all so far and is considered the ultimate support level of the bear market. Earlier this year, the spotlight was on the 200-week MA when the spot price fell below this level in an unprecedented manner.
Bitcoin currently appears to be reverting to a golden cross pattern, a classic bullish signal. Milne believes that if this happens, a significant price increase could occur, marking a major turnaround for the cryptocurrency.
Data from Cointelegraph Markets Pro and TradingView suggest that BTC/USD could form a golden cross formation even before 2024, further adding to the bullish sentiment surrounding Bitcoin.
However, not all commentators are optimistic about Bitcoin’s outlook. Some traders and analysts believe that buyer momentum is exhausted and that strong and large volume sellers could still pull the market down significantly. Crypto Chase warned of a possible decline towards $20,000, while analyst Il Chapo suggested that Bitcoin’s real sub-target could be $12,000, with the potential to fall into the $30-31,000 range.
With contrasting opinions about Bitcoin’s future price movements, the cryptocurrency market is sure to remain a source of excitement and uncertainty for both investors and analysts in the coming months.
