Eduard Watson

3 months ago

The crypto space became filled with various optimistic predictions on Bitcoin (BTC) again.

Tracking Bitcoin's first golden-cross

Crypto traders track Bitcoin (BTC)’s first “golden cross” on its three-day chart since the early days of the 2016-2017 bull market.

Data from crypto exchange Bitstamp is cited by the Daily Hodl and the online publication writes: “the 50-candle moving average on Bitcoin’s three-day chart crossed above the 200-candle on Wednesday, an indicator that suggests a long-term bull run could be on the horizon.”

According to the online publication, the cross became so important because the last time it happened was in early February back in 2016.

Back then, BTC was worth about $370. We all know that after that, Bitcoin began its massive surge to a record high of $20,000 in December of 2017.

The golden cross is a powerful signal for BTC's price

The cross has proved itself to be a powerful signal for Bitcoin so far.

The online publication also notes that CoinDesk analyst Okmar Godbole highlights the lagging indicator typically has “limited predictive powers at best” and is far from foolproof.

According to him, “So, seasoned traders may consider the latest cross as a product of BTC’s rally from December’s low of $3,122 to June’s high of $13,880. After all, MAs follow price and, the longer the time-frame of the MA, the bigger the lag. Even so, the bulls can take heart from the golden cross, which has proved its mettle as a reliable indicator in the past…”

They also mention Josh Rager’s predictions which you can see in the tweet above.

BTC expects a massive bull run, according to an important indicator

Smartereum notes that BTC is forming its fourth monthly “Doji Candle” according to observers.

This candle formation signals uncertainty about the price of the coin.

The online publication notes that when several Doji Candles form, it means a massive bull run for  BTC is on its way.

People Mentioned

Justin Sun

Founder of TRON (TRX)

Coins Mentioned

Justin Sun

Founder of TRON (TRX)

Companies Mentioned

Justin Sun

Founder of TRON (TRX)

Justin Sun

Founder of TRON (TRX)

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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