Bitcoin

Golden Cross May Uplift the Bitcoin (BTC) Price by 20% After a 30-Day Accumulation!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 9, 2022

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Highlights

    Bitcoin price is consolidating within the parallel channel with fixed co-ordinates for almost a month, displaying no possibilities of a breakout or breakdown

    On the contrary, some of the indicators are turning out to be bullish pointing to a significant breakout in the coming days

The crypto space again appears in a standstill position as the top crypto is becoming passive nowadays. The recent breakout above $32,200 was nullified later as the prices dropped back to the same regions again. Currently, it seems that the BTC prices may have cemented within these levels. However, some signals are flashing a significant upswing waiting ahead that may elevate the prices towards the next levels very soon.

Bitcoin(BTC) Price Swinging Within an Ascending Triangle

The May 2022 market crash has dropped Bitcoin to a 10-month low level. The asset quickly managed to sustain and since then tried very hard to materialize a strong uptrend. However, the upper resistance remained capped just above $32,000, above which the asset faced massive rejections each time. Hence compelled the price to maintain its trend within an ascending consolidation with a triangle.

The rally is yet to reach the apex of the triangle and hence a healthy consolidation could prevail until the end of June’s trade. Further, with a breakout, the prices could reach $34,000 without being rejected. 

Bullish Breakout Above 200-Day MA Levels

The BTC prices in the short term are flashing bullish signals as the asset recently broke out from the crucial 200-day MA levels in the 4-hr time frame. The 200-MA levels are considered one of the important support levels and regaining the positions above these levels may ignite a significant bull rally ahead. 

Previously, these levels were tested on April 11, which eventually dragged the BTC prices lower by nearly 36%. However, the current trend may be a little diverse as the prices are consolidating parallel, unlike the previous time when the downfall had already begun. On the other hand, the trading volume is in favour of the bulls which may fuel a strong uptrend soon. 

‘Golden-Cross’ to Occur Any Moment From Now

A major reason for the short-term Bitcoin bounce is the formation of a ‘Golden Cross’ in the 4-hr chart. The 50-day & 200-day MA levels are on the verge to cross each other, where the 50-day MA level could deviate towards the north. And hence with the occurrence of this event, the prices are expected to appreciate by 10% to 12% soon.

The asset had fallen prey to a death cross, somewhere in mid-April and drained nearly 10% of the value in a couple of days. And hence the Golden Cross is expected to uplift the asset from a prolonged accumulation phase. Therefore, with increased activity, the Bitcoin (BTC) prices could be due for a significant upswing towards the $34,000 target level at the earliest. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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