Bitcoin’s
price chart is echoing a bullish pattern that foreshadowed the late 2024 price surge from $70,000 to $100,000 amid mounting concerns over the sustainability of the U.S. debt.
The leading cryptocurrency by market value appears on track to confirm a “golden cross” in the coming days, according to charting platform TradingView. The pattern occurs when the 50-day simple moving average (SMA) of prices crosses above the 200-day SMA to suggest that the short-term trend is outperforming the broader trend, with the potential to evolve into a major bull run.
The moving average-based golden cross has a mixed record of predicting price trends. The impending one, however, is worth noting because it’s about to occur weeks after its ominous-sounding opposite, the death cross, trapped bears on the wrong side of the market.
A similar pattern unfolded from August through September 2024, setting the stage for a convincing move above $70,000 in…
