Golden Cross Signals Potential Bitcoin Price Rise
The price of the leading cryptocurrency might hit $25,000 as the 50-day moving average of Bitcoin ($BTC) crosses over the 200-day moving average, perhaps putting an end to bearish and short-selling mood.
The Golden Cross in Three Stages
According to Investopedia, a golden cross can arise in three different ways. In the initial phase, there is a downward trend that finally bottoms out as sales decline. A crossover of the smaller moving average over the bigger moving average, which denotes a trend reversal, characterizes the second stage.
Predicted Increase of Over $25,000
According to Venturefounder, a contributor to CryptoQuant, the golden cross might cause Bitcoin to increase to above $25,000 and create a support level where demand outpaces supply. This can result in the cryptocurrency growing even more.
Moving to $25,000 and Retesting $20,000
According to famous Bitcoin expert Willy Woo, who was quoted by CryptoGlobe, the current price increase of Bitcoin is related to a trend in which stablecoins only enter exchanges during business hours.
Bitcoin Will Have a Multi-Trillion Dollar Market, Says ARK Invest
Based on its rate of adoption in a variety of use cases, such as as a digital asset for institutions, a remittance asset, and more, Bitcoin is predicted by ARK Invest to grow into a multi-trillion dollar industry. By 2030, ARK Invest projects that the price of Bitcoin will reach $1.48 million.
Different Opinions
On social media, several observers have noted that the golden cross does not always indicate an increase in Bitcoin’s price right away. A death cross, or the 50-period moving average of Bitcoin falling below the 200-period moving average, has occurred on weekly timescales.