Analysts Bullish On Bitcoin After Hitting Golden Cross
Cryptocurrency analysts are very bullish about Bitcoin (BTC) due to the first golden cross that Bitcoin experiences on its three-day chart since February 2016. At that time, this golden cross marked the beginning of a very important bull run that ended with Bitcoin reaching $20,000 at the end of 2017.
Golden Cross Makes Analysts Bullish
The 50-day moving average has just crossed above the 200-day moving average on the three-day BTC/USD chart. The cryptocurrency exchange Bitstamp was one of the first companies and profiles that showed this important event in the crypto market. This is very bullish for Bitcoin because the last time that these two MA crossed into positive territory was back in February 2016 before the massive bull run that drove Bitcoin’s price to $20,000 in December 2017.
BULLISH: The 50MA crossed above the 200MA on the 3-day BTC/USD chart, forming a so-called golden cross. The last time this happened was in February 2016. pic.twitter.com/WplNLcuTmc
— Bitstamp (@Bitstamp) August 2, 2019
In February 2016, Bitcoin was traded close to $370 and the digital currency moved towards its highest point more than a year later. Since February 2016 to its all-time high, the digital asset surged 5305%. If that would repeat from $10,000, Bitcoin would reach $530,500, which seems far from happening now.
Many experts consider that the digital currency could surge to $250,000 or more in the future. Tim Draper, a recognized VC investor, mentioned that Bitcoin could be worth $250,000 by 2023. However, Tim Draper is not alone. John McAfee said that Bitcoin is going to be reaching $1 million before 2021.
However, the cryptocurrency analyst Okmar Godbole explained that lagging indicators have generally limited predictive power.
About it, he commented:
“So, seasoned traders may consider the latest cross as a product of BTC’s rally from December’s low of $3,122 to June’s high of $13,880. After all, MAs follow price and, the longer the time-frame of the MA, the bigger the lag.”
Bitcoin has also shown to be a very resilient currency. The market dominance of the most popular digital asset is currently reaching its highest values in over two years. Altcoins are not performing strongly compared to Bitcoin that continues growing despite many negative comments that the virtual currency is currently receiving.
At the time of writing this article, Bitcoin is being traded around $10,750 and it has a market capitalization of over $192 billion, according to data provided by CoinMarketCap.
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Published at Sat, 03 Aug 2019 13:46:10 +0000
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