Today, the talk across the crypto market is that Bitcoin price is
forming a Golden Cross – a potentially bullish signal according to
conventional knowledge. But this is the cryptocurrency market, and
anything is possible given the potential for sudden, sweeping
regulation, hacks, or worse. With the Golden Cross now here, we are
looking back at the history of the signal, and breaking down
exactly what it means and how this could impact Bitcoin price
action in the days ahead. Bitcoin Price Forms Eighth Ever Golden
Cross Forget the digital gold narrative. All across crypto Twitter,
online forums, and anywhere else cryptocurrency community chatter
exists, the discussion is centered around the Golden Cross that’s
forming on the BTCUSD trading pair. According to Investopedia, a
Golden Cross “occurs when a short-term moving average crosses over
a major long-term moving average to the upside.” It is “interpreted
by analysts and traders as signaling a definitive upward turn in a
market,” the description continues. Specifically, this Golden Cross
refers to the 50-day moving average crossing above the 200-day
moving average. Related Reading | Bitcoin Price “Pitchfork Channel”
Could Pin-Point The Last Dip Ever Because this could be the
definitive upswing in Bitcoin price that takes the cryptocurrency
to its potential cycle peak, all eyes are on the signal. But not
everyone knows what to look for, or what it means. In the chart
below, the inverse signal – the Death Cross – failed to produce the
expected results, so there is no telling if the bullish version
confirms either. Looking back at the history of the two signals,
the situation becomes even more mixed. The Golden Cross is here |
Source: BTCUSD on TradingView.com Everything You Need To Know About
The Bullish Signal The leading cryptocurrency by market cap has had
eight Golden Crosses and seven Death Crosses in its short history,
according to the Bitstamp chart. The Golden Cross to start the 2013
bull market only ever Death Crossed when a bear market finally
began, but not before a quick Golden Cross/Death Cross fake out.
After the cryptocurrency bottomed in 2015, another fake out
situation where the cryptocurrency Golden Crossed, then Death
Crossed, then Golden Crossed again. The last signal
brought Bitcoin from under $500 to $20,000. A Death Cross also
started the 2018 bear market, until a Golden Cross took the
cryptocurrency out from bear market lows. Could this be the last
bullish signal before the peak is in? | Source: BTCUSD on
TradingView.com In late 2019 and into early 2020, consolidation
resulted in more mixed signals. It started with a Death Cross in
October 2019, then, like the 2017 bull run, a Golden Cross faked
out into a Death Cross, only to then Golden Cross again and take
Bitcoin from $4,000 to $65,000. After such a move, it isn’t
surprising to see why investors might be skeptical of another
Golden Cross yielding similar results. After the recent local top
at $65,000, Bitcoin formed another Death Cross, but it didn’t
produce much downside. With a Golden Cross back, the market is now
nervous of another fake out type situation, but also fearful of
missing out on potential upside. Related Reading | New To
Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course In
the past, Bitcoin has been the underdog, climbing its way to the
top any way it could against all odds. Today, things are very
different, and more sophisticated investors are now involved –
including institutions, corporations, hedge funds, and more. With
smart money finally involved in the crypto space, following a
traditional market all-in signal like the Golden Cross could be the
more wise play. Will the Bitcoin golden cross ultimately be… —
NEWSBTC (@newsbtc) September 15, 2021 Follow @TonySpilotroBTC on
Twitter or via the TonyTradesBTC Telegram. Content
is educational and should not be considered investment
advice. Featured image from iStockPhoto, Charts from
TradingView.com

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