Thus, reacting to the approaching golden cross on the hourly chart of Bitcoin, Eljaboom asked his audience whether they think it is possible for the main cryptocurrency to reach the coveted $100,000 mark. In addition, the analyst outlined the path that the price of BTC could take if such a scenario were to materialize.
It is necessary to note that the golden cross is a crossing of moving averages, when a smaller moving average, such as the 50-day one, crosses a larger one, such as the 200-day for example, from below to above. However, when the opposite occurs, it is called a death cross.
Prior to the formation of the death cross in August 2024, the price of BTC rose 77.5%, with the golden cross ending at $61,000 per Bitcoin.
While a golden cross may indeed precede a rise in the price of Bitcoin, it by no means means that a six-figure value will be reached in a single candle. The cryptocurrency market is still subject to serious manipulation and is flooded with big players, who do not need extra passengers on their way to $100,000.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
