‘Early Bull Market’ — Bitcoin price prepares for first-ever weekly golden cross. | Posted by Shantanu Gupta | Coins | December 2023
Bitcoin is making waves in the cryptocurrency world as it prepares for a major milestone: its first-ever weekly golden cross. Amazingly, this unique charting feature could materialize on Bitcoin charts by early 2024. While some analysts are optimistic about the potential for a bullish market, there are contrasting views predicting a bearish trajectory. In this blog post, we will look at the implications of Bitcoin’s historic golden cross and analyze the contrasting opinions within the cryptocurrency community.
Bitcoin’s unprecedented weekly golden cross:
Entrepreneur Alistair Milne recently highlighted an interesting development in the Bitcoin world, namely the emergence of the first ever weekly golden cross. This bullish signal is characterized by the intersection of two essential trend lines: the 50-week moving average (MA) and the 200-week MA. Known as the ultimate bear market support level, the 200-week MA has never experienced a crossover with the 50-week MA in Bitcoin history. According to Milne, the potential significance of this golden cross is that it signals a transition into an early bull market.
Market Dynamics: From Death Cross to Golden Cross:
Bitcoin has witnessed notable changes in recent months, going from a dead cross to a golden cross in just 10 months. During the bear market earlier this year, Bitcoin spot prices fell below the important 200-share MA. However, the cryptocurrency has since bounced back and price strength is poised to push the 50-week MA above the 200-week MA. Considered a classic bullish signal on lower time frames, this golden cross indicates a potentially bullish market trend.
Bearish prediction amidst bullish signs:
The golden cross outlook signals positive change, but not all market commentators share the same optimism. Some skeptics argue that buyer momentum is waning and strong sellers still have the ability to drive the market down. Notable figures such as Crypto Chase express a bearish sentiment, maintaining short BTC positions and predicting a fall to the low $20,000s. Additionally, controversial cryptocurrency trader Il Capo has firmed up an even more bearish forecast, targeting a $12,000 bottom for Bitcoin.
Final thoughts:
As Bitcoin makes noise ahead of its historic golden cross, the cryptocurrency community is divided between bullish optimism and bearish caution. The potential for a new bull market is clear, but challenges and uncertainties still exist. It is still unclear whether Bitcoin will continue to rise or experience a significant correction. As the market unfolds, investors and enthusiasts alike are eagerly awaiting the next chapter in Bitcoin’s evolving story.
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