Top Analyst Predicts Bitcoin Rally After Golden Cross Spotted
A crypto strategist that a lot of people pay attention to says that the possible crossing of two key indicators could set Bitcoin (BTC) up for explosive price action to the upside.
In a new YouTube video, the anonymous host of InvestAnswers tells his 441,000 subscribers that Bitcoin could show a golden cross in the next few days.
When a short-term moving average (MA) goes up above a long-term moving average, this is called a “golden cross.”
“Let’s look at the golden cross… We are coming up to one probably in about six days, maybe a little bit less depending on the trajectory of Bitcoin action.
[A golden cross happens] when the green line, which is a 50-day moving average, crosses through the red one which is a 200-day moving average.
In the past, Bitcoin’s big rallies, big, big rallies have all started with a golden cross.”
The host of InvestAnswers, on the other hand, says that a golden cross has at least a 20% chance of failing with Bitcoin.
“But, remember not all golden crosses have led to a big rally.
I think only about 72% – 80% of them have. But Bitcoin has seen eight golden crosses, of which three confirmed huge moves afterwards.
They’re February 2012, October 2015 and May 2020. These were all on point of pre-staging at least a year to 18-month bull run now and the prices at least doubled or rallied 350% or a lot more.
Now, on the other hand, the golden crosses of July 2014, 2015 and February 2020 were bull traps and the cryptocurrency went down afterwards.”
On the chances that a rally will follow the coming golden cross, the analyst says,
“Based on this golden cross for Bitcoin that’s coming up in a couple of days, and the previous chart, maybe there’s a good shot, more than 50% – I’d say at least 60%, 65% shot that this will lead to a good rally.”
At the time this was written, one Bitcoin was worth $23,401.
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