Bitcoin Forms Golden Cross On 2-Month Chart, Here’s What Happened Last Time

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As a seasoned analyst with years of experience in the crypto market, I find the recent Golden Cross formation on Bitcoin’s 2-month chart particularly intriguing. Having witnessed the massive rallies that followed past Golden Crosses, I can’t help but feel a sense of anticipation for what’s to come this time around.

According to renowned cryptocurrency expert Titan of Crypto, a positive signal has emerged in the Bitcoin price chart, potentially signaling an upcoming substantial increase in value. Previously, this specific pattern led to a notable price surge, hinting that Bitcoin may be poised for a strong rally in the near future.

Golden Cross Forms On The Bitcoin Chart

A prominent figure in the crypto world shared via a recent post (originally on Twitter) that a Golden Cross has materialized on Bitcoin’s 2-month graph. He mentioned that whenever this favorable signal emerges on its 2-month chart, the leading cryptocurrency company often undergoes an impressive surge. His visual aid demonstrated that this occurred most recently in 2021, when Bitcoin surged from approximately $13,000 to above $60,000 after this bullish indicator appeared.

Despite uncertainty about the immediate future, it’s clear that a substantial price surge for the top cryptocurrency is past due, given its lack of growth since hitting an all-time high of $73,000 in March this year. In another post by Crypto Titan, there’s an expectation that the expected Bitcoin rally might commence in October.

The crypto analyst noted how the historical bearish September always sets the stage for risk assets like Bitcoin and US stocks to end the year with a big bounce. Meanwhile, Titan of Crypto is still confident about Bitcoin’s bullish outlook despite calls that it is now in a downtrend. He stated that Bitcoin is still bullish on the monthly timeframe. He added that the crypto is still holding its Tenkan and claimed that its bullish outlook will remain intact as long as it holds above the Tenkan line at $49,900. 

According to the chart he provided, Bitcoin must rise above $71,000 to set a fresh all-time high in this particular market cycle. Previously, a crypto analyst had forecasted that the primary cryptocurrency could potentially reach a peak of $120,000 by 2025.

October Is The Month To Look Forward To

According to crypto analyst Rekt Capital and the renowned Crypto Titan, October could be an exciting month for Bitcoin enthusiasts. They believe that based on past trends, Bitcoin may experience a significant surge or ‘breakout’ from its current range within the next two weeks. However, they emphasize that there’s a higher likelihood that this breakout might actually happen in October.

Historically, October sees strength in leading cryptocurrencies, particularly during halving years such as this one. It’s anticipated that a Bitcoin surge in October could stretch into November and December. As Rekt Capital points out, the crypto market has experienced three consecutive months of growth in the fourth quarter of both the 2016 and 2020 halving cycles.

Currently, as I’m typing this, Bitcoin is being exchanged for approximately $57,700, marking a rise of more than 3% in the past day, based on information from CoinMarketCap.

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2024-09-13 06:40