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Fundstrat’s Tom Lee Asks Your Opinion on Bitcoin’s Golden Cross

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Tue, 04/23/2019 - 16:47
Cover image via twitter.com
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Fundstrat boss Tom Lee, who also happens to be a Bitcoin permabull, has recently posted a Twitter poll where he asks his followers what Bitcoin’s golden cross means for the coin’s price. At the time of writing this article, 42 percent of poll responders are certain that we are dealing with a bullish sign.  

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A golden breakout?     

As reported by U.Today, Bitcoin reached its highest point this year, finally breaking above the $5,500 level. Notably, on the same day, the king of crypto formed a bullish golden cross for the first time since 2015, when BTC was trading at $250. Back in that day, it marked the beginning of the bull market that lasted up until December 2017 with a whopping 8,000 percent price increase.  

Bitcoin’s golden cross
‘Bitcoin forms its first golden cross since 2015’, image by Bitstamp, Bloomberg  

A golden cross is a candlestick pattern that appears when the 50 DMA rises above 200 DMA of a certain asset. It is usually treated as a bullish indicator. For example, as CNBC reports, the NASDAQ has already experienced ‘a golden breakout’ 16 times since 1980 (the indexes would rise the following month).

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A calculated bull run

Meanwhile, after the most recent price uptick, CNBC’s Ran NeuNer claims that it’s not too late to buy Bitcoin. Moreover, he believes that the next bull run will be more ‘calculated’ in sharp contrast to the previous one that was driven by price speculations.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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