Bitcoin (BTC) Chart Shows First Golden Cross Since 2015
Cryptocurrency investors now have another reason to be bullish on Bitcoin (BTC) after one of the more bullish chart patterns formed on Tuesday.
According to the BTC/USD chart, Bitcoin’s 50-day moving average has officially crossed above the 200-day moving average. The pattern is commonly known as a golden cross and is often viewed as an indication that a major rally is on the horizon.
For reference, the last time the 50-day moving average moved above the 200-day in 2015, Bitcoin began a multi-year climb from $200 to $20,000. The 50-day moving average then sunk below the 200-day at the end of March 2018, a bearish pattern commonly known as a death cross.
“Technicals are fully supportive and the bulls are pushing the markets higher based on that. It’s likely that bitcoin’s price may move towards $6,000 or even touch $6,500,” Naeem Aslam, the Chief Market Analyst at ThinkMarkets, told CCN.
Interestingly, the bullish sentiment resulting from this golden cross Tuesday has seemingly helped Bitcoin avoid the sell-off that has gripped the rest of the market. At present, Bitcoin is only down 0.8% over the last 24 hours to $5,526, while the AltDex 100 Index (ALT100) is down 4%.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.