Bitcoin (BTC), the world’s largest cryptocurrency, has captured the attention of market analysts with a captivating pattern in its price performance. Referred to as a “Golden Cross,” this occurrence holds significant importance as an indicator of market sentiment.
Notably, according to pseudonymous cryptocurrency analyst @CryptoJelleNL, this is the first time Bitcoin has experienced a Golden Cross using the specific 13-day MA and 200-day MA indicators. This adds to the significance of the pattern and heightens expectations for a potential major rally in the near future.
#Bitcoin printed the famous golden cross pattern, for the first time in its history! 👀
🎓 The golden cross pattern indicates the potential for a major rally. pic.twitter.com/HvZE9Jm1Im
— Jelle (@CryptoJelleNL) June 3, 2023
While the current Golden Cross is significant, @CryptoJelleNL also speculates that more cross formations could occur in the coming days. This implies that Bitcoin’s price trajectory might continue to experience positive momentum. However, it is important to note that the impact of smaller crosses should be considered cautiously, as they may not hold the same weight as the classic Golden Cross involving the 50-day MA and 200-day MA.
Also Read: Will BTC Price Hit ATH in 2023? Analyst Predicts Timeline For Bitcoin Bull Run – Coinpedia Fintech News
Bitcoin Market Analysis & Future Outlook
At present, Bitcoin is trading at approximately $27,183, reflecting a modest increase of 0.83% in the past 24 hours. The Fear and Greed Index, an alternative market sentiment indicator, currently sits in the “Neutral” zone with a score of 53 out of 100. These indicators suggest that market conditions are cautiously optimistic, creating an environment of anticipation and intrigue.
It appears that the Bitcoin bulls are charged up and ready to go! We’re excited- are you?
Source: https://coinpedia.org/bitcoin/bitcoin-btc-to-witness-rare-golden-cross-is-a-bull-run-on-the-horizon/