Bitcoin Bullish Reversal on the Horizon as Hashrate Nears Golden Cross
CryptoNewsTerminal Staff23 Jul, 2024
Bitcoin Bullish Reversal on the Horizon as Hashrate Nears Golden Cross
Bloomberg Intelligence analyst Jamie Coutts believes the decline in Bitcoin's post-halving network hashrate may be coming to an end, and a bullish reversal could be imminent. Coutts points to a technical indicator known as a "golden cross," which occurs when a cryptocurrency's 30-day moving average hash rate crosses above its 90-day moving average. This indicator has historically been associated with bullish price movements. According to the accompanying chart, Bitcoin's 30-day moving average hash rate is approaching a "golden cross" with its 90-day moving average. If the current trend continues, this could signal a potential reversal in Bitcoin's price trajectory and the start of a new bull market.
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