Bitcoin (BTC), the trailblazer and king of our cryptocurrency world, is gearing up for a significant moment—a potential new Golden Cross. Amidst the excitement in the crypto market, Bitcoin’s impressive seven weeks of gains since early February are signaling a noteworthy upward shift.
What exciting developments can we look forward to now? Read on to discover!
Bitcoin is Setting the Stage
According to TradingView data, Bitcoin appears on the verge of a new Golden Cross on its weekly chart. The 50-day simple moving average (SMA), currently at $28,102, is steadily climbing towards the 200-day SMA at $29,301. This convergence suggests a robust bullish momentum, reflecting Bitcoin’s resilience and upward trajectory.
Bitcoin has been on an incredible winning streak, rising for seven consecutive weeks since mid-October. Breaking the $42,000 barrier and reaching new highs of $44,310 during Wednesday’s trading session, it’s poised for an eighth week of positive value if the current trend holds.
What’s Driving the Surge?
Behind Bitcoin’s surge lies a mix of factors, with institutional investments and the pre-Bitcoin Halving effect playing key roles. In 2023 alone, Bitcoin has surged by an impressive 152%, showcasing growing confidence in the cryptocurrency market. The anticipation of a U.S.-based spot ETF launch adds to the positive sentiment surrounding Bitcoin’s impending Golden Cross.
Looking back, Bitcoin’s previous Golden Cross in September 2021 led to a subsequent high of $69,000. With excitement building, industry experts draw parallels between past success and present optimism, fueled in part by the impending launch of the U.S.-based spot ETF.
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What Lies Ahead for BTC?
Presently, Bitcoin maintains a solid position around $43,000, a critical level reached on Tuesday, with a slight uptick to $43,866, indicating a 1.15% increase. However, caution is advised, as technical indicators, including the Relative Strength Index (RSI), suggest that Bitcoin’s rally may be reaching a stretched point.
Santiment highlights the RSI, acting as a speedometer for Bitcoin’s momentum, signaling a potential need for a breather after surpassing $42,000. If the RSI hovers around 65, there’s speculation that Bitcoin might accelerate towards the $50,000 mark.
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Adding to the conversation, crypto expert Ali cautions that reaching $47,360 could pose a challenge for Bitcoin. Nevertheless, he emphasizes that maintaining a foothold above $37,000 serves as a safety net, setting the stage for the next chapter in the Bitcoin market.
