Bitcoin’s
Price diagram repeats a bullish pattern that pre -shaded the late 2024 price increase from $ 70,000 to $ 100,000 in the middle of mounting concerns over the sustainability of US debt.
The leading cryptocurrency by market value is displayed on the track to confirm a “Golden Cross” in the coming days, according to Charting Platform TradingView. The pattern occurs when the 50-day simple moving average (SMA) of prices crosses over the 200-day SMA to suggest that the short-term trend surpasses the wider trend, with the potential to develop into a larger bull race.
The moving average -based Golden Cross has a mixed record to predict price developments. However, the impending one is worth noting because it is about to occur weeks after its ominous sounding opposite opposite, Death Cross caught bears on the wrong side of the market.
A similar pattern unfolded from August to September 2024 and set the stage for a convincing feature over $ 70,000 in early November. Prices eventually set a record high over $ 109K in January this year.
The chart on the left shows that BTC was taking place to about $ 50,000 in early August last year when the 50-day SMA moved under 200-day SMA to confirm Death Cross.
In other words, Death Cross was a bear trap, just like it in early April this year. Prices got higher in the following weeks and eventually began a new uptrend after the appearance of Golden Cross at the end of October 2024.
The bullish sequence is repeated since the beginning of April, and prices could begin the next leg higher after the confirmation of the Golden Cross in the coming days.
Previous performance does not guarantee future results, and technical patterns do not always deliver as expected. That said, macro factors seem in line with the bullish technical setup.
Moody’s amplifier US Debts concerns
Friday, the Credit Rating Agency Moody downgraded the American superb credit rating from the highest “AAA” to “AA1”, with reference to concern over the rising national debt that has now reached $ 36 trillion.
The bond market has been pricing of tax concerns for some time. Last week Detailed Coindesk how sustained elevated treasury provides expectations of continued fiscal splurge and superb risk premium, both Bullish for Bitcoin.
Read: BTC Boom probably as bond provides wave
