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A “golden cross” has formed on the BTC chart

by Vaibhav
February 7, 2023
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Morgan Creek CEO predicts bull market through 2023
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Crypto Bull Market News and Predictions
Disclaimer

Forecasts of financial markets are the private opinion of their authors. The current analysis is not a guide to trading. Cryplogger is not responsible for the results of the work that may occur when using the trading recommendations from the submitted reviews.

Despite the unsuccessful attempts by the price of bitcoin to restore support at $23,000, on the daily chart, moving averages formed a “golden cross” combination, a harbinger of a bull market.

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In the image below 50-day MA (marked in red) crossed above the 200-day MA (in blue).

Bullish signal: a “golden cross” has formed on the Bitcoin chart
Bitcoin daily chart on the Bitstamp exchange. Data: trading view.

The last time the “golden cross” formed was in September 2021, two months before Bitcoin reached its all-time high.

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However, a “Death Cross” appeared on the weekly chart, a mirror situation suggesting a bearish scenario.

photo_2023-02-07_11-19-34
BTC?USDT weekly chart on Binance exchange. Data: Trading View.

Collaborating with CryptoQuant analyst Venturefounder sees a pullback to $20,000 (200 day MA) as a further development of events, followed by an exit to the psychological level of $25,000.

#Bitcoin goldencross just happened!

This potential correction could see #BTC retest $20k (#200DMA and key support), then in the bullish case, test $25k next.

Make $25k support and it’s nail in the coffin for the bears. pic.twitter.com/baPFOTECCG

— venturefoundΞr (@venturefounder) February 6, 2023

CryptoQuant analysts see the golden cross as an addition to the signals of a number of other important indicators that indicate the beginning of the accumulation phase of coins in anticipation of the next halving.

#Bitcoin Enters Technical Golden Cross and a New Paradigm

“As a summary, bitcoin currently sits at an intersection of multiple crucial indicators, heading into a new paradigm.”
by @oinonen_t

Link👇https://t.co/Jo5k9FqKLq

— CryptoQuant.com (@cryptoquant_com) February 5, 2023

Crypto trader and The Wolf Of All Streets podcast host Scott Melker has set a target of $25,212 as his benchmark. A break of this milestone will neutralize any bearish theses, he added.

$25,212.

That’s the line for $BTC.

A break above would be the first higher high since $69,000 and would technically invalidate the bear thesis.

— The Wolf Of All Streets (@scottmelker) February 2, 2023

Earlier, Adam Farthing of B2C2 came to a similar conclusion.

See also  Forbes called the collapse of UST and LUNA the “fifth reboot” of the crypto market

Recall that Glassnode stated a transitional phase from a bear market to a bull market.

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