This Bitcoin ‘bull cross’ is about to hit for the first time since 2016.
Bitcoin (BTC) is poised to repeat its unprecedented eight-year chart movement.
In a January 9th post on X (formerly Twitter), popular analyst Mustache revealed a key BTC price crossover is in the works.
Moving average crossing after eight years break
Bitcoin returns to $50,000 as crypto market renaissance continues.
The excitement over the top spot in the U.S. Bitcoin Exchange-Traded Fund (ETF) is currently taking price action, but new all-time highs remain out of reach.
Behind the scenes, however, there is reason to believe that the current moves in BTC/USD are very significant.
As Mustache notes, on the three-week timeframe, the 21-period exponential moving average (EMA) is attempting to cross the 50-period simple moving average (SMA).
A sign of strong short-term price performance, the crossover is exceptionally rare – its last appearance came in 2016. During that time, the three-week chart continued to gain, with Bitcoin reaching an old all-time high of $20,000. In December 2017
“Also, the ‘Buy Signal' in the Super Indicator. Watch out for rare signs,” Moos added.
On post-ETF betting
As Cointelegraph continues to report, Bitcoin is giving traders an optimistic outlook for both the short and long term.
Related: 100 Days Halving – 5 Things to Know in Bitcoin This Week
At its highest level since April 2022, BTC/USD has room for more upside, price indicators including the daily Relative Strength Index (RSI) and Bollinger Bands suggest.
However, skeptics remain, with their BTC price targets relying primarily on the hype surrounding the ETF after the decision to allow them to trade – until January 10 – has passed.
Among them is the now famous X-trader Il Capo of Crypto, who predicts that Bitcoin should return to $12,000 in the future.
“An exciting week ahead. ETF news should be announced soon. As noted these days, I expect the market to flow first. BTC up to 48k-50k, ETH up to 2500-2600. Alts should attract more, especially low cap,” he told Telegram channel subscribers on January 7.
“After this, which should take a few days, the market should reach an important domestic high. That's when I start opening swing short positions in anticipation of new lows.”
A companion chart released at the same time highlighted the area around $30,000 as the first stopping point of the controversial recovery.
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.
