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

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Tue, 23/04/2019 - 16:47
Fundstrat’s Tom Lee Asks Your Opinion on Bitcoin’s Golden Cross
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.

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