Bitcoin may not see a 170% increase after its fifth "Golden cross" price event, historical data suggests as markets stay down 8%. Analysis of price movements since 2009 shows Bitcoin has had a total of ten "Golden cross" and "Death cross" moments in its lifespan.
A "Golden cross" is when BTC/USD sees its 50-day moving average rise to cross over its 200-day moving average.
As Cointelegraph reported, hopes are currently high that the most recent golden cross will spark an identical reaction to the previous one - a 170% price surge in just two months.
Overall two out of four golden crosses have resulted in gains, while the other two in fact saw price losses.
Some death crosses were followed by price gains.
The event came just days after the golden cross and represents Bitcoin's fifth-largest drop ever.
Bitcoin 5-year price chart with 50 and 200-day moving average.
Some remain convinced that despite current reluctance to reclaim even $10,000, Bitcoin is still set to reap the benefits of the moving average behavior.
25,000 would represent a new all-time high for Bitcoin and is in line with predictions from figures such as Fundstrat's Tom Lee for 2020.
According to the celebrated stock-to-flow model, between now and May's block reward halving, Bitcoin should trade at an average of $8,600.
Bitcoin Price Drop Mirrors Last Golden Cross Which Led to 170% Gains
gepubliceerd op Feb 21, 2020
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.