The Bitcoin news now indicate that the most popular coin in the cryptocurrency ecosystem is again near the $10,000 mark and may rise to $26,000 in just two months thanks to what is known as the ‘golden cross’ which previously triggered 170% price gains.
One analyst featured in the cryptonews talked about this on February 18 and said that this week saw Bitcoin’s ascending 50-day moving average cross over its 200-day moving average. Known as a ‘golden cross” this phenomenon is a rare occurrence for the cryptocurrency.
Even though BTC shed almost $1,000 in recent days, Wareing is anything but bearish on the short-term profit potential.
“Last time this happened #Bitcoin pumped 170% in under 60 days,” he summarized.
His comments were echoed by many other analysts. And as he added that at press time, levels of around $9,800 show that Bitcoin regained support in an overall bullish ascending price triangle, the sentiment was also echoed by another fellow Cointelegraph Markets analyst named Michael van de Poppe, who said:
“And so, we’ve bounced on the green area around $9,450-9,500. That was heavily needed. We could still see a period of relative calm movements, before we’re either attacking the highs at $10,400 or the lows at $9,500.”
The past weekend left a significant gap between two Bitcoin futures trading sessions too. Historically, BTC has subsequently “filled” these gaps which is why many believe this will be a week when Bitcoin will visit $10,500.
Still, the ‘golden cross’ is the biggest thing now and makes Wareing the third prominent Bitcoin figure to forecast major short-term gains this month only. Before this, we had Fundstrat’s Tom Lee who said that Bitcoin could reach $27,000 by August, again because of the price beating out resistance from its 200-day moving average.
After that, we saw Mike Novogratz commenting that BTC/USD might retest its all-time highs of $20,000 by the time of May’s block reward halving. Anyways, the price of the most dominant cryptocurrency today is stable at $9,755 and may soon prepare for a jump to $9,800 and then $10,000 which is the five-digit level many are hoping to see Bitcoin reclaim.
The coming altcoin news show that ETH, XRP, BCH and BSV have all regained much from their losses and are stable today with new potential gains on the horizon.
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