A 154% More Bitcoin (BTC), Golden Cross Confirmation
Even in this challenging macro environment, Bitcoin (BTC), the world’s largest cryptocurrency, continues to show strength. BTC trades at 1.66% higher as of press time at $23,278 with a market cap $448 billion.
The commentary of Tuesday’s Feb Chair Jerome Powell and the strong US job data have so far been welcomed by the crypto market. Bitcoin (BTC), which has been fluctuating between $20,000 and $23,000 for a while, has received mixed signals from analysts about the future rally.
The technical chart shows that Bitcoin just confirmed a “Golden Cross”, for the first time in over a year. This means that Bitcoin’s 50 Day Simple Moving Average (SMA), has just passed its 200-Day SMA. This chart formation could indicate a significant positive shift in market momentum.
The 154% price rise in Bitcoin’s price resulted from the formation of the Golden Cross in the last bear market in 2019. If the same thing happens again, Bitcoin could trade at more than $57,000 in 2023.
Bitcoin just made a “Golden Cross”, on the daily chart. This was the first GC since the last bear market, which led to a 154% pump.
If this happens again, #Bitcoin will reach $57,900 within 60 days. pic.twitter.com/v7rWaaZx5C
— Bitcoin Archive (@BTC_Archive), February 7, 2023
Bitcoin and the History of the Golden Cross
Analysts see the formation of a golden cross as a bullish signal for Bitcoin, but they have had mixed success. The results also vary depending on the holding period after the formation of the “golden crosses”.
If the investor held BTC for 90 consecutive days during the seven golden cross events, they would have made a profit four times out of seven. The gain percentage can vary from 10-80%.
The investor would have made a profit if he or she held BTC for 365 consecutive days after the golden cross formation. In this instance, the magnitude of gains varies from 25% to 400%.
It is important to remember that success does not come with the “golden cross” ratio. Investors should hold for a longer time.
About the author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.