Bitcoin’s price action this week has been highly volatile, it has swung in the fairly large range of $34K to $40K multiple times. Hodlers are split on whether this is a beginning of a bullish breakout or a fakeout due to the high volatility.
Popular Analyst Micheal Van De Poppe, in his recent video has weighed in on BTCs price trajectory moving forward and the possibility of a Golden Cross formation.
He says the flagship crypto is still acting in resistance. As the price has made a steep surge, breaking above resistance instantly is not possible. Hence a consolidation before continuation is inevitable.
With regards to Golden Cross, Poppe recalls the timeline of the death cross Bitcoin faced around $35K and prevented a major fall to $20K levels as predicted highly. This is where the road to Golden Cross begins.
Historically after every death cross, a golden cross has followed suit. Be it 2019, 2020 the pattern is a staple, – the price starts dipping, a death cross happens, price consolidates, and a new golden cross forms.
Hence, a Golden Cross should be underway now. Now that BTC has surged, the 50day MA will start moving upwards and the 200 days MA will follow and make a Golden Cross formation tentatively during August or September.
He further adds that The Golden Cross will most likely happen after Bitcoin finishes this run.
While the Golden Cross is in the near future, BTC now needs to start forming higher lows to catapult to higher highs as it maintains a bullish uptrend. Says the analyst.
According to him, BTC is set to retreat and form a high in the $34.5K – $36K range, perhaps at the $32.6K level. If this plays out as predicted, a continuation to the upside will follow and higher highs will be formed at the $48K to $51K levels.
Making a similar case is another popular analyst Crypto Capo. In his recent tweet, he says that he is looking at the $35K – 36K levels for a higher low.
He predicts that BTC price will retest the $41K level and when it consolidates above the range high, 100K plus for Bitcoin will be a clear possibility.