Crypto analyst ‘Titan of Crypto’ recently shared with his 90,000 followers a unique technical pattern that is unfolding in the cryptocurrency market. This pattern involves a golden cross forming between the 100-day moving average and the longer time frame 200-day moving average. Unlike the typical golden cross, which involves a shorter time frame moving average crossing above a longer time frame MA, this current pattern is creating a bullish long-term trend reversal. The 100-day moving average had been above the slower 200-day since 2014, only experiencing a death cross in late 2023. Following this event, there was a significant rally with bitcoin prices surging by 170%. Now, as the 100-day MA is about to re-cross back above the 200-day MA, the analyst believes that this could trigger the most explosive bull run yet.
On the other hand, analyst ‘CrediBULL Crypto’ has a different perspective on the future of Bitcoin. He predicted that there could be another downward movement to the $56,000 level before any relief rally. This forecast aligns with other analysts who believe that September tends to be a month of negative price action for BTC. Amidst a period of prolonged sideways trading, many analysts are anticipating a larger price movement, with the path of least resistance currently pointing towards a potential flush-out. Analyst ‘Rekt Capital’ noted that Bitcoin was taking steps to avoid turning the channel bottom into new resistance. The asset is attempting to reclaim the higher low from July, but it needs a weekly close above $58,300 to secure the channel. Bitcoin has experienced a 3% increase over the past 24 hours, reaching an intraday high of $59,800. Despite facing resistance around the $61,000 zone, Bitcoin is currently trading at $59,300.
The total crypto market capitalization has seen a 2% increase, reaching $2.17 trillion, with most altcoins slightly outperforming Bitcoin at the moment. Notable gainers in the market include Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI). While Bitcoin’s future remains uncertain, analysts are divided on whether the cryptocurrency will experience a significant rally or a minor price decline in the near future. As traders and investors closely monitor the market, only time will tell which direction Bitcoin will take next.
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