Golden cross – calculated based on the average price for 50 and 200 days

Bitcoin (BTC) has just added another factor that argues that it is preparing for sustained growth. This is the so-called golden cross band, calculated based on the average price per 50 days and 200 days.

This longer-term indicator has only appeared a few times in BTC history and preceded significant price increases.

“Ladies and gentlemen … allow me to present the golden cross!
The last time this happened was April 24, 2019 at $ 5,400. Previously, this was October 28, 2015, at $ 300 ”

Ladies and gentlemen .. let me present the golden cross!

The last time this happened was April 24th 2019 at $ 5,400.

Before that was October 28th 2015 at $ 300. pic.twitter.com/BcBbry8FwO

– Crypto₿ull (@CryptoBull) February 18, 2020

A golden cross also preceded the price increase that began in April 2019, though it did not happen immediately.

Currently, the price of Bitcoin has managed to jump quickly from an amount close to the level of $ 9,500 to over $ 10,000.

The previous days, as the BTC recorded a correction at the level of $ 10,000, the forecasts regarding the evolution of future prices were divergent. There is a general expectation for upward evolution before halving, but also short-term visions of significant correction.

Unlike traditional assets, Bitcoin has several factors that can cause illogical movements and volatility. Intraday volatility is also very unpredictable, with drastic price movements within minutes.

Golden cross indicates price increase

As for Bitcoin, some indicators show a clash of bearish and bullish narratives. A golden cross and the halving expected in 84 days looks like a certain recipe for a rally, a new annual level and even a maximum one. However, pessimists emphasize trading values ​​and suggest that the current level may see a more significant drop.

1/3 #bitcoin golden cross / death cross analysis

Since 2014 there were 10 golden / death crosses (50MA crossing 200MA)

In 3 of 5 death crosses cases #btc price didnt dump after the event.
In 2 of 4 golden crosses cases #btc price didnt pump after the event. pic.twitter.com/CoRuzarm8u

– Shitcoin Riddler (@shitcoinriddler) February 18, 2020

This time, the golden cross is regarded as an even more significant event, as the daily averages begin to look favorable for the first time since the rally in 2019. The rally resulted in gains of 175%, although it failed to reach the previous maximum levels.

Technical analyzes are currently viewed as signaling a potential price hike for Bitcoin, but suggest similar performance for others.