- Bitcoin’s golden cross could signal another major price surge, potentially pushing BTC toward the $100,000 mark.
- The last golden cross saw Bitcoin’s price soar by over 116%, reaching an all-time high of $74,000 in March 2024.
- While optimism grows, the cryptocurrency market remains volatile, making rapid six-figure growth less certain.
Bitcoin might soon hit six figures, according to a top crypto analyst. Eljaboom, who is known in the crypto world, thinks Bitcoin's price could jump to $100,000 if a key chart shape shows up. This call comes as Bitcoin is near a golden cross, a sign in the market often linked to price jumps.
Golden Cross Signals Potential Rise
A golden cross takes place when a short-term moving average rises above a long-term one, such as the fifty-day average going above the two hundred days. This often hints at price growth in the future. The last golden cross for Bitcoin in November 2023 saw its price jump by over 116%, reaching a high of $74,000 in March 2024.
Looking Back at Price Trends
Bitcoin’s price grew a lot after its last golden cross in late 2023. It rose to $33,000 and then quickly climbed to $74,000. A death cross happened after this is when the short-term average falls below the long-term one and Bitcoin corrected a bit but still had gains. Even with hope around the golden cross, some caution is wise.
Although a golden cross may indicate a bullish trend, achieving a six-figure price target might not happen instantly. Bitcoin’s price remains subject to market manipulation, particularly by large investors. Additionally, unpredictable factors in the cryptocurrency market often influence price movements. However, a strong upward trajectory remains possible if the pattern continues to play out as anticipated.
BTC’s Recent Movements
Bitcoin recently surged in price following increased speculation about its long-term prospects. Market experts are watching closely to see if the upcoming Golden Cross could lead to another substantial price increase. In the past, similar formations led to price rallies, but cryptocurrency investors should keep in mind the volatility that often accompanies such market trends.
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