Could This Novel Golden Cross Trigger an Explosive Bitcoin Bull Run?
On Sept. 2, crypto analyst ‘Titan of Crypto’ showed his 90,000 X followers a technical pattern unfolding that has never been seen before.
A golden cross is forming between the 100-day moving average and the longer time frame 200-day moving average.
A typical golden cross is when a shorter time frame moving average like a 50-day crosses above a longer time frame MA such as the 200-day. It is a bullish long-term trend reversal pattern.
The Golden Golden Cross?
The 100-day moving average has been above the slower 200-day since 2014, only falling below it in a death cross in late 2023. There was a huge rally after this happened with bitcoin prices surging 170%.
However, it is about to re-cross back above, which “could trigger the most explosive bull run yet,” said the analyst.
#Bitcoin Golden Cross is Happening 💥
A Golden Cross between the MA100 🔵 and MA200 🔴 is unfolding—something we've never seen before.
This could trigger the most explosive bull run yet. 🚀 pic.twitter.com/RK8GhbpDrd
— Titan of Crypto (@Washigorira) September 2, 2024
On Sept. 3, analyst ‘CrediBULL Crypto’ predicted that there could be another leg down to the $56,000 level before any relief rally. This would fit with other analyst predictions based on the premise that September is usually a month of negative price action for BTC.
This week, CryptoPotato reported that the prolonged stagnation of sideways action is likely to lead to a larger move, and another flush-out is looking to be the path of least resistance at the moment.
On Sept. 3, analyst ‘Rekt Capital’ observed that bitcoin was “doing all the right things to not turn the channel bottom into new resistance.” The asset was trying to reclaim the higher low dating back to July but needs a weekly close above $58,300 to secure the channel, he added.
Bitcoin doing all the right things to not turn the Channel Bottom (black) into new resistance
Currently trying to reclaim also the Higher Low (blue) dating back to July
Bitcoin needs a Weekly Close above $58300 to secure the black Channel$BTC #Crypto #Bitcoin https://t.co/JbrBCaiWud pic.twitter.com/8zzzj9oK0T
— Rekt Capital (@rektcapital) September 2, 2024
Bitcoin Up Slow But Still Sideways
Bitcoin has made 3% over the past 24 hours, reaching an intraday high of $59,800 during the Tuesday morning Asian trading session.
The next level of resistance is around the $61,000 zone, but it has already started to fall back, trading at $59,300 at the time of writing.
Total crypto market capitalization is up around 2% to reach $2.17 trillion with most of the altcoins outperforming BTC marginally at the moment.
Larger gainers today include Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI).
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