‘First Bull Market’ — Bitcoin Price Sets 1st Golden Cross Weekly
Bitcoin (BTC) is lining up a “first bull market” as a special chart feature plays out for the first time in history.
In a December 7 post on X (formerly Twitter), entrepreneur Alastair Milne focused on Bitcoin's first weekly golden cross.
Bitcoin will go from a death cross to a golden cross in 10 months
The recent decline in BTC prices has resulted in huge gains for a diverse set of Bitcoin investors, but the 165% year-to-date gain is now significant for another reason.
If the current performance continues, Bitcoin will witness a crossing of the two weekly moving averages (MAs), which have never delivered such a bullish signal before.
The 50-week and 200-week MAs are key trends for Bitcoin traders and analysts. The last one is the support level of the bear market, and it has not decreased in price yet.
The 200-week MA made headlines earlier this year when the price of the spot fell below it at an unprecedented level.
Now back on the upside, BTC price strength is on track to take the 50-week MA trendline above its 200-week counterpart. Known as a “golden cross”, on lower time frames, this is considered a classic symbol, and for a bullish, bullish event, a major loss can accumulate if the event occurs.
“This bear market was the ‘worst' time for the 1st time in Bitcoin history at the 200-week moving average price (red),” he commented.
“The 50-week moving average will now bounce back from the 200-week MA for the 1st time making a ‘golden cross'. QED: Early bull market.
Data from Cointelegraph Markets Pro and TradingView suggest that BTC/USD could achieve a weekly golden cross before the end of 2023.
Bearish BTC price predictions persist.
As Cointelegraph reports, not every prominent market analyst is bullish on Bitcoin after its rapid trip to $44,000 this week.
Related: Bitcoin HODL Waves: 2020 Bull Market Buyers Now Control 16% of Supply
Some believe that the buying momentum has weakened and that aggressive, high-volume sellers can still push the market lower.
Among them, the famous trader is Crypto Chase, who showed a short BTC position when Bitcoin crossed $43,000. What comes next, he warned, could include a trip to the lower $20,000 range.
“I have not changed my mind. “I'm still looking for the low 30's or low 20's from the 40's before the new ATH's, and that's where I'm at ATM,” read X's analysis section for the day.
CryptoChase added that only a move to new all-time highs, or ATAs, would change the forecast, but he “doesn't believe” that's on the way.
He is not alone. Still holding on to this is the weaker BTC price forecast by the controversial Crypto of Il Capo, which states that $12,000 is Bitcoin's true bottom target.
In a Dec. 1 post to Telegram channel subscribers, he called for a “huge dump to $30k–31k altcoins that would drop 30–40%.”
“That will be the beginning of the conversation,” he said.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
