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Bitcoin (BTC) Prints Super-Rare Golden Cross, Analysts Hint at Upcoming Rally

Sat, 3/06/2023 - 17:13
Bitcoin (BTC) Prints Super-Rare Golden Cross, Analysts Hint at Upcoming Rally
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Typically, "Golden Crosses" and "Death Crosses" are interpreted as reliable indicators of midterm market sentiment. A seasoned market analyst spotted a super-rare one and is sure that it will not leave the Bitcoin (BTC) price unaffected.

Bitcoin (BTC) prints this pattern for first time ever, analyst says

According to a chart shared by pseudonymous cryptocurrency analyst @CryptoJelleNL with his 36,000 followers, Bitcoin (BTC), the largest cryptocurrency, has just printed a "Golden Cross" as its 13-day moving average (13MA) crossed its 200-day moving average (200MA) from the bottom.

The situation when the "short-term" MA line crosses the "long-term" one from the bottom is called a "Golden Cross" and is typically translated as a strong bullish indicator. It only occurs when the number of Bitcoin (BTC) bulls grows quickly.

The opposite situation is called a "Death Cross" and is a sign of a coming price decline.

For these particular metrics (13MA, 200MA), this is the first example of a "Golden Cross" over Bitcoin's (BTC) history, @CryptoJelleNL insists. However, he is sure that the "potential for a major rally" is there and bulls will soon gain an upper hand.

More "crosses" in coming days?

He also added that more and more "crosses" of this type can be noticed in the coming days. For instance, a 21MA / 200MA cross might flash as soon as next week.

However, the most reliable one, the "classic Golden Cross" with 50MA / 200MA might not be registered for some time. That is why Bitcoin (BTC) bulls should not overestimate the influence of "small crosses."

As of printing time, Bitcoin (BTC) is changing hands at $27,183 on major spot exchanges. Its price gained 0.83% in the last 24 hours. Alternative's Fear and Greed Index is sitting in the "Neutral" zone at 53/100.


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