Bullish: Bitcoin Forms Only Third Ever Golden Cross
Bitcoin’s been hanging below that $30,000 sweet spot. Despite this, if we take a peek at its historical dance moves, it’s hinting at maybe, just maybe, hitting new high notes soon.
For those of you not in the know, Bitcoin’s just flashed what we call a “golden cross” – and it’s the third time it’s doing its thing. Big deal? Yep. Last couple of times it pulled this move, the price went zooming upwards. Basically, think of it as Bitcoin winking at us, teasing a possible upswing.
Bumps on the Road
Of course, things aren’t always silky smooth. Remember that messy phase in March 2020, thanks to COVID-19? That was a curveball, disrupting our typical golden groove.
But if we play matchy-matchy with past cycles, our boy Bitcoin seems to be hinting that its next party trick might be revisiting its top score of $69,000. Fun fact? The 2019 golden cross was supercharged by the whole “Libra frenzy” and other nonsense things that ultimately drove more people to join the Bitcoin bandwagon. 2020 was a bit of a slow coach, taking about 100 days longer than its 2019 counterpart to hit those high notes.
The gossip? “We might just see Bitcoin strutting back to $69,000 by this time next year,” says our crypto whisperer.
The Golden Cross: Why’s it a Big Deal?
When the short-term average sashays over the long-term one, that’s your golden cross. This time, Bitcoin’s price grooved above two key markers, hinting at some positive vibes for our digital superstar.
Recently, Bitcoin’s been a tad unpredictable. But this golden shimmy? It’s like a beacon of hope for the coin’s future price beats. Word on the street is that there’s a good chance of Bitcoin setting off some fireworks soon.
Finbold dropped some tea, saying most Bitcoin peeps (a whopping 69.2%) aren’t looking to part with their coins. The “Hodl” spirit is strong! Plus, fewer Bitcoin parcels are landing on exchanges these days.
What’s the Forecast?
We’ve got the next Bitcoin halving coming up in 2024, which could set the stage for some fresh price rhythms. And then many believe a Bitcoin ETF is looking likely.
Short term? There’s a bit of rain on the parade with threats of dipping below the $29,000 mark. Some number-crunching even suggests Bitcoin might chill at around $28,000 by the end of August. But hey, in the world of crypto, you never really know!