The Bitcoin price action has just delivered one of the rarest and most closely watched signals in technical analysis — the Golden Cross. This powerful set-up could be the foundation for an explosive rallyThe speculations point to a possible surge in the amount of money that can be made.
Bitcoin Price Chart Flashes Golden Cross
On Thursday, crypto analyst ‘Merlijn The Trader’ declared On X, social media has flashed a Golden Cross. rarest and most powerful technical signal. Analysts described the event as an historic one that only happened three times in BTC’s history. Every past event has been accompanied by led to extraordinary price ralliesThe Golden Cross is now a signal of importance that traders and investors pay close attention to.
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Merlijn shared a price chart that showed Bitcoin’s evolution after every previous Golden Cross. He highlighted the returns which have made a lasting impression on Bitcoin and the entire market. The appearance of the Golden Cross in 2016 set the scene for the emergence of the cryptocurrency market. bull rally Many saw this as BTC’s major first run in to mainstream recognition.
The signal reappeared in 2017 coinciding to Bitcoin’s meteoric rise Over 2,200% and a record high of between $17,000 and $ 27,000 The third Golden Cross formation came in 2020BTC surged over 1,190% from lows between $4,600-$7,000 in late 2021 to a high of approximately $69,000. In each case, the crypto not only reached a new high but it also marked a breakthrough rally.
Bitcoin reportedly has now triggered the Golden Cross for the fourth consecutive time. Merlijn’s research shows this isn’t just another crossover, but rather an ignition. He said that the previous Golden Cross signal coincided with Bitcoin’s biggest bull phase. This could be a precursor to another large rally, leading the crypto currency to reach new ATHs.
Even a conservative repetition of previous percentage gains indicates that Bitcoin may well surpass $200,000. If Bitcoin were to rise 100% from the current $115,000 level, it could easily surpass $230,000. Merlijn’s chart, however, shows an even bigger move. It projects a possible surge of nearly $400,000.
Bitcoin Bull Market Support bands Hold firm
Mags, a crypto analyst has been published. drawn Attention is drawn to another technical signal that reinforces Bitcoin’s bullish argument. BTC, according to him is a bullish signal. bull market support bands In the past, these zones have been critical in maintaining the overall upward trend during corrections.
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Each time Bitcoin tested its bull market band support, the price managed to climb. hold and rebound strongly. In the most recent test, the crypto currency bounced cleanly from the band. This indicates that buyers are coming in at these levels and defending support. Mags said that the consistent support created by this has been a solid foundation for further gains in BTC’s priceThis indicates that the market has not been overextended.
Chart by Tradingview.com. Image from Pixabay.
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Source: www.newsbtc.com
