Top Bitcoin News Today: BTC Price May be Preparing for a 10x Rally Soon!
Bitcoin price is displaying immense bullish momentum as the prices regain the levels above $23,000 in the early trading hours
The rally appears to be at the foothill of a massive explosion that may swell the BTC price by 10x to 15x in the next few months
Bitcoin price has been withstanding extreme conditions for a long time making the price quite robust and poised to maintain a notable upswing. The BTC price has been gearing up since the beginning of the year 2023 and recorded a growth of nearly 40%. Although bears are making every effort to restrict the price to rise beyond the crucial levels, the price has respected the interim support at $22,800 and raised accordingly.
The latest price action has bought the 200-day MA and the 50-day MA in the daily timeframe together, due for a crossover, usually called a ‘Golden Cross’. The 50-day MA crossed over the 200-day MA levels and raised high, flashing bullish signals in the coming days. However, during the previous times, when the Golden cross occurred, the BTC price rose by more than 160%.
Therefore, a popular analyst, Lark Davis, referring to the previous rallies speculates that the price may resume an upswing, gaining 160% very soon.
“The last time that Bitcoin had a golden cross following a major downtrend was in 2019.
160% gains followed,” wrote the analyst signaling a similar action may be in place.
As per the previous report of Coinpedia on the upcoming Golden cross, it appears that the present upswing could be the beginning of a massive bull run. However, as the token is about to face the very first weekly death cross, an acute bearish action may also be pre-determined. Therefore, the market participants need to act cautiously, managing their risk accordingly.