Bitcoin-related price predictions have been mostly positive this year, and after the bulls came back to the crypto market, the predictions intensified as well.
Now, the price of BTC is going up and continues to make crypto enthusiasts excited.
BTC rises above $5,600
BTC’s price rose above $5,600 for the first time in more than five months. Now, crypto analysts have reportedly confirmed a golden cross in the trading activity which has shown a resurgence of the bull market.
According to the latest reports coming from Bloomberg, this is BTC’s first golden cross in more than three years, and this is also a clear sign that the crypto winter may be over.
Such a golden cross is a technical indicator that identifies when an asset’s short-term 50-day moving average rises above the long-term moving average. Typically this indicator gets reinforced by a higher trading volume.
The Daily Hodl writes that Messari’s Real 10 Volumes, which aggregates 24-hour trading volume from a select group of crypto exchanges, shows that BTC volume has jumped from $671 million to over $763 million within the past eight hours.
The online magazine mentions that it’s also important that the price of BTC rose to a five-month high (around $5,500) in just under 10 minutes, on April 23. This marks the highest hike since back in November 2018.
The golden cross is the first since October 2015 when Bitcoin started its bull trend from $300 to nearly $20,000 in 2017.
The last time golden cross occurred on Bitcoin when it was $250.
Even though it generally signifies a bullish signal for the long term, the short term could see 20-30% retracement
Remember the Death cross at 6k bottom early last year and then bitcoin doubled the next month?