Bitcoin (BTC) is gearing up for an “early bull market” as it debuts a unique charting feature for the first time in history.
in post On December 7th at X (formerly Twitter), entrepreneur Alistair Milne noted Bitcoin’s first-ever weekly golden cross.
Bitcoin, from dead cross to golden cross in 10 months…
The recent rise in BTC price has created significant gains for a diverse group of Bitcoin investors, but the 165% year-to-date gain is significant for another reason.
If the current performance continues, Bitcoin will witness a crossover of its two weekly moving averages (MAs), which has never delivered such a bullish signal before.
The 50-week and 200-week MAs are key trend lines for Bitcoin traders and analysts alike. The latter is the ultimate bear market support level and has never declined in value.
The 200-share MA made headlines earlier this year when spot prices fell below the 200-share MA in an unprecedented move.
Now, the BTC price strength above is heading in the direction of bringing the 50-week MA trendline above the 200-week MA trendline. Known as a “golden cross” on lower time frames, it is considered a classic bullish signal and the driving force for Milne is that there could be significant upside if the phenomenon plays out.
He said, “This bear market was the ‘worst’ in that it was the first time in Bitcoin history that it spent time below the 200-week moving average price (red).”
“Now the 50-week moving average will soon cross the 200-week moving average, forming a ‘golden cross’ for the first time. QED: Early Bull Market.”
BTC/USD may achieve a weekly golden cross before the end of 2023, according to data from Cointelegraph Markets Pro and TradingView.
Bearish BTC Price Prediction Continues
As Cointelegraph reported, not all prominent market commentators are bullish on Bitcoin, which rose quickly to $44,000 this week.
Related: Bitcoin HODL Wave: 2020 Bull Market Buyers Now Control 16% of Supply
Some believe that buyer momentum has run out and that powerful, large sellers can still push the market down significantly.
Among them is popular trader Crypto Chase, which disclosed a short BTC position as Bitcoin surpassed $43,000. He warned that what comes next could involve travel into the low $20,000 range.
“I haven’t changed my prejudices. I am still bearish from the 40s and looking for low 30s or even low 20s before the new ATH and that is where I am atm.” Part of X analysis read day.
Crypto Chase added that only a move to a new all-time high (ATH) would change the prognosis, but it “did not believe” this would play out.
He is not alone. Controversial cryptocurrency trader Il Capo remains firm on his much more bearish BTC price prediction, claiming that $12,000 is the true bottom target for Bitcoin.
In a post to Telegram channel subscribers on December 1, he said, “Altcoins were dumped by about 30-40%, demanding a large dumping of $30,000 to $31,000.”
“That will be the beginning of the surrender case,” he argued.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.