Bitcoin Golden Cross “Is Official” According To Capital Manager

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The Bitcoin golden cross, a signal that has traditionally been a bullish indicator, is now official, according to a capital manager.

The Famous Bitcoin Golden Cross Now “Official”

According to a capital manager on Twitter, the Bitcoin golden cross is now official. This is only the eighth time in the history of the coin that such a cross has occurred.

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The “golden cross” has been the topic of discussion all over the online crypto communities today, but what is it that makes it so special? Well basically, a golden cross is marked by a short-term moving average (MA) taking over a long-term one. Usually, analysts consider such an event to be a bullish turn for the market.

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The bullish crossover that Bitcoin is witnessing right now is one where the 50-day MA is moving over the 200-day MA.

Here is a chart posted by the capital manager that highlights this golden cross for the BTCUSD trading pair:

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The 50-day MA seems to have crossed over the 200-day MA | Source: Tweet by Dr. Jeff Ross

As the above chart shows, the golden crossover looks to be complete as the 50-day MA makes a move above the 200-day MA. The capital manager believes we will see “Strong short-term price action. Recent bearish patterns breaking down.”

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

What Does The Crossover Mean For BTC’s Price?

Conventionally, the golden cross has been considered a bullish signal for Bitcoin. However, there have certain exceptions throughout its history.

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While golden crosses have indeed been there before the start of previous bull runs, there have also been many cases where the crossover was just a fake out event.

Opposite to the golden cross is the “death cross,”  which occurs after every bull market and marks a bearish turn for Bitcoin. During fake out events, alternative false golden and death crosses usually form.

Related Reading | One Way To Protect Your Profit No Matter Bitcoin Pumps or Dumps

After BTC hit the latest ATH of $65k, a death cross formed, but the crypto didn’t see any significant downtrend following it.

Bitcoin has formed its eighth golden cross ever | Source: BTCUSD on TradingView

Based on the death cross being a false signal, it’s possible this golden cross will just turn out to be another one of those fake out occurrences where a false cross leads into another. However, it could also very well shoot the coin up instead, helping the coin reach the last peak that some indicators have been hinting at.

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Where do you think this golden cross will lead Bitcoin to? Let us know in the below poll!

Featured image from Unsplash.com, charts from TradingView.com

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Author: Hououin Kyouma


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