• Popular crypto analyst suggests that Bitcoin (BTC) could take off in the coming weeks if two key indicators cross.
• This is known as a ‘golden cross’ which occurs when a short-term moving average rises above a long-term moving average.
• The analyst believes this golden cross will occur sometime in August.
Bitcoin (BTC) Price Could Skyrocket
A popular crypto analyst believes the price action of Bitcoin (BTC) could take off within months if two key indicators cross. In technical analysis, this is known as a golden cross, which occurs when a short-term moving average rises above a long-term moving average. This indicates the start of an uptrend and the analyst predicts it will happen in August.
What Is A Golden Cross?
A golden cross is when the 50-week moving average retakes the 200-week moving average, signaling an upward trend for Bitcoin’s price. This differs from a death cross, which is seen when the 50-week moving average falls below the 200-week moving average and typically signals a bear market for Bitcoin’s price.
History Of The Golden Cross
In late 2015, Bitcoin came close to experiencing its first ever golden cross but never quite made it over that threshold until now. When this occurred there was only a brief dip in prices before they bounced back up again. The current prediction is that come August 2023 we could see things really start to take off for BTC with prices skyrocketing due to this golden cross indicator being fulfilled.
Current Price Of BTC
At time of writing, bitcoin is trading at $27,025 after falling 3% during the last 24 hours. It remains to be seen how things play out come August but investors should remain vigilant and keep track of any changes in order to maximize their profits when investing in Bitcoin or other cryptocurrencies.
Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets as these are subject to market fluctuations and may incur losses on behalf of the investor