He disclosed that this bullish price movement could happen in the final quarter of the year, highlighting that the cryptocurrency’s rebound is "going to be epic.” BTC Achieves Historic Weekly Golden Cross Bitcoin may have reached a historic milestone, as crypto analyst Jelle has identified the formation of a weekly Golden Cross on the Bitcoin price chart for the first time ever. Related Reading: Crypto Market In Trouble As Analyst Predicts $1 Trillion Crash The golden cross occurs when a short-term Moving Average (MA) crosses above a long-term MA. This week, Bitcoin’s 100-week MA surpassed the 200-week MA, highlighting a strong bullish signal that could potentially trigger a massive bull run for the cryptocurrency. Featured image created with Dall.
Similar bullish sentiment has been shared by fellow crypto analysts in the market. According to technical analyst and Bitcoin trader, Titan of Crypto,’ Bitcoin is currently forming a unique technical pattern called the "Cup and Handle pattern.” Often recognized as a bullish continuation signal, the Cup and Handle is a technical chart pattern that highlights a period of consolidation after an uptrend, followed by a slight pull back and an eventual breakout to the upside. Based on this technical pattern, the analyst believes that Bitcoin is likely to break out soon, reaching a potential price target of $110,000.
The demand for Spot Bitcoin Exchange Traded Funds (ETFs) have also seen a sharp decline, likely playing a role in Bitcoin’s recent downward trend. Although the Bitcoin price chart projects that the cryptocurrency will crash below $32,000, it also illustrated that Bitcoin would potentially witness a major breakout above $76,000 following the decline.
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