“Golden Crosses” and “Death Crosses” are frequently seen as accurate predictors of market mood in the midterm. A seasoned market analyst discovered a super-rare one and is confident that it will have an impact on the price of Bitcoin (BTC).
Bitcoin (BTC) prints this pattern for first time ever, analyst says
The largest cryptocurrency, Bitcoin (BTC), just printed a “Golden Cross” when its 13-day moving average (13MA) crossed its 200-day moving average (200MA) from the bottom, according to a chart tweeted by anonymous cryptocurrency expert @CryptoJelleNL with his 36,000 followers.
A “Golden Cross” occurs when the “short-term” MA line crosses the “long-term” one from the bottom, and it is often seen as a powerful bullish indication. It only happens when the proportion of Bitcoin (BTC) bulls increases rapidly.
A “Death Cross” is the opposite condition and indicates a price decrease is about to occur.
According to @CryptoJelleNL, this is the first instance of a “Golden Cross” in the history of Bitcoin (BTC) for these specific measures (13MA, 200MA). He is confident, though, that there is “potential for a major rally” and that bulls will soon take the initiative.
More “crosses” in coming days?
He further stated that in the days to come, there will be an increase in the number of “crosses” of this nature. A 21MA / 200MA cross, for instance, might flash as soon as the following week.
The “classic Golden Cross” with 50MA/200MA, which is the most trustworthy, might not be registered for some time. Thus, proponents of Bitcoin (BTC) should be cautious about overestimating the significance of “small crosses.”
At the time of publication, the price of one Bitcoin (BTC) on the main spot markets is $27,183. In the previous day, its price increased by 0.83%. At 53/100, Alternative’s Fear and Greed Index is in the “Neutral” range.
