- Bitcoin is about to form a golden cross, creating excitement among bullish traders.
- Bitcoin’s value has risen by nearly 30% in the last two weeks.
- Recently, Bitcoin reached prices above $35,000 for the first time since May 2022.
Bitcoin appears on the verge of printing its first golden cross in over a year, sparking excitement among bullish traders eager for a new crypto rally.
The largest cryptocurrency by market value has surged nearly 30% over the past two weeks. BTC recently tapped prices above $35,000 for the first time since May 2022, per recent data.
The sharp move has put Bitcoin’s 50-day simple moving average on pace to cross above its 200-day average—a pattern known as a golden cross. It indicates the short-term trend has overtaken the long-term trend, typically evolving into a sustained upward move.
Bitcoin has flashed golden cross signals just nine times
Bitcoin has flashed golden cross signals just nine times in its history. The last one emerged in early February 2021, preceding a massive bull run that saw Bitcoin reach a record high of $69,000.
However, the indicator has a mixed track record in crypto. Three of BTC’s golden crosses have quickly reversed into “death crosses,” where the 50-day average drops below the 200-day average.
Still, some analysts believe this time could be different given the confluence of bullish factors. These include potential spot Bitcoin ETF approval in the U.S. and BTC’s growing appeal as an inflation hedge and store-of-value asset.
“Next year’s mining reward halving is also viewed as bullish by reducing selling pressure from miners,” said FRNT Financial, a Toronto-based crypto platform.
The impending golden cross crossover presents a make-or-break moment for BTC’s recovery. A decisive move above the milestone could confirm the bear market is behind us.