BTC Golden Cross Imminent... Sign of Strength

IconCryptoNewsTerminal Staff17 May, 2024

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BTC Golden Cross Imminent... Sign of Strength

Bitcoin (BTC) is on the verge of a golden cross, signaling a potential bullish rally. Crypto analytics firm Cointelegraph reported on the analysis of Bitcoin influencer Mustache, who stated, "Bitcoin (BTC) is on the verge of a golden cross, signaling a potential bullish rally." According to his analysis, the BTC/USD 12-hour chart on Bitstamp indicates that the 50-day Simple Moving Average (SMA) is poised to cross above the 200-day SMA, forming a Golden Cross pattern. This is considered a sign of strengthening upward momentum, as a similar Golden Cross formation on the same chart in October last year preceded a 170% surge in BTC price.