Summary
- The formation of Bitcoin's golden cross is analyzed as an indicator of a strong upward trend.
- This golden cross, where the 50-day moving average crosses the 200-day moving average, is reported to form a strong technical support level.
- The possibility of Bitcoin falling to $100,000 is slim, providing a positive outlook for investors.
An analysis has emerged suggesting that Bitcoin (BTC) is approaching a golden cross, indicating a long-term upward trend. A golden cross is a bullish indicator that signals a trend reversal when a short-term moving average crosses above a long-term moving average.
On the 21st (local time), Keith Alan, co-founder of Material Indicators, stated on X (formerly Twitter), "Bitcoin's 50-day moving average (SMA) is attempting to cross the 200-day moving average," adding, "This area overlaps with the trendline and the starting price of Bitcoin earlier this year, creating a strong technical support level." He further added, "You can't expect a stronger technical support than this."
He also mentioned that the possibility of Bitcoin adjusting to $100,000 is low. He said, "A drop in Bitcoin to $100,000 would be an opportunity like a gift," but added, "At this point, the likelihood is slim."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
