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Could This Novel Golden Cross Trigger an Explosive Bitcoin Bull Run?

Bitcoin prices have marched steadily higher over the past day, but the asset remains stubbornly range-bound. Could this never-seen technical pattern trigger the next rally? 
Martin Young
By Martin Young

On Sept. 2, crypto analyst ‘Titan of Crypto’ showed his 90,000 X followers a technical pattern unfolding that has never been seen before.

A golden cross is forming between the 100-day moving average and the longer time frame 200-day moving average.

A typical golden cross is when a shorter time frame moving average like a 50-day crosses above a longer time frame MA such as the 200-day. It is a bullish long-term trend reversal pattern.

The Golden Golden Cross?

The 100-day moving average has been above the slower 200-day since 2014, only falling below it in a death cross in late 2023. There was a huge rally after this happened with bitcoin prices surging 170%.

However, it is about to re-cross back above, which “could trigger the most explosive bull run yet,” said the analyst.

On Sept. 3, analyst ‘CrediBULL Crypto’ predicted that there could be another leg down to the $56,000 level before any relief rally. This would fit with other analyst predictions based on the premise that September is usually a month of negative price action for BTC.

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This week, CryptoPotato reported that the prolonged stagnation of sideways action is likely to lead to a larger move, and another flush-out is looking to be the path of least resistance at the moment.

On Sept. 3, analyst ‘Rekt Capital’ observed that bitcoin was “doing all the right things to not turn the channel bottom into new resistance.” The asset was trying to reclaim the higher low dating back to July but needs a weekly close above $58,300 to secure the channel, he added.

Bitcoin Up Slow But Still Sideways

Bitcoin has made 3% over the past 24 hours, reaching an intraday high of $59,800 during the Tuesday morning Asian trading session.

The next level of resistance is around the $61,000 zone, but it has already started to fall back, trading at $59,300 at the time of writing.

Total crypto market capitalization is up around 2% to reach $2.17 trillion with most of the altcoins outperforming BTC marginally at the moment.

Larger gainers today include Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI).

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Tags:
Bitcoin (BTC) Price Bitcoin Bull Run
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About the author

Martin Young
Martin Young
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Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017.