Recently, the renowned crypto analyst known as the ‘Titan of Crypto’ shared with his 90,000 followers on Twitter a unique technical pattern that has never been witnessed before. This pattern involves the formation of a golden cross between the 100-day moving average and the longer 200-day moving average. A golden cross is typically seen as a bullish indicator in the world of trading, symbolizing a long-term trend reversal. In this case, the 100-day moving average has been above the 200-day moving average since 2014, with the exception of a brief dip below in a death cross in late 2023. The analyst suggests that this upcoming re-crossing could potentially trigger the most explosive bull run yet for Bitcoin.
Analysts’ Predictions
On the following day, another analyst going by the name ‘CrediBULL Crypto’ made a prediction that Bitcoin could experience another drop, potentially reaching the $56,000 level before any relief rally. This forecast aligns with other analysts’ speculations that the month of September tends to bring negative price action for BTC. With Bitcoin experiencing a prolonged period of sideways movement, many experts anticipate a significant price shift in the near future, with a downward movement being the most likely scenario at this point. ‘Rekt Capital,’ a well-known analyst, noted that Bitcoin seemed to be making the right moves in order to avoid creating new resistance at the channel bottom. The asset is currently attempting to reclaim a higher low dating back to July, with a weekly close above $58,300 being crucial to secure the channel.
Current Market Situation
As of now, Bitcoin has seen a 3% increase over the past 24 hours, reaching an intraday high of $59,800 during the Asian trading session. However, the cryptocurrency is now trading around $59,300, with the next level of resistance expected at the $61,000 mark. Overall, the total crypto market capitalization has risen by approximately 2%, reaching $2.17 trillion. Interestingly, most altcoins are currently outperforming Bitcoin marginally, with tokens like Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI) showing significant gains.
It is evident that the future of Bitcoin is uncertain, with analysts and experts offering varying predictions and perspectives. While some foresee a potential bullish trend triggered by a golden cross pattern, others anticipate a further decline in price before any significant recovery. As the market continues to evolve and respond to external factors, it will be crucial for investors and traders to stay informed and adapt their strategies accordingly.