Recently, the crypto analyst known as the ‘Titan of Crypto’ revealed a unique technical pattern to his 90,000 followers. A golden cross is forming between the 100-day moving average and the 200-day moving average, a pattern that has never been seen before in the market. Typically, a golden cross indicates a bullish long-term trend reversal, which could potentially lead to a significant increase in prices. The 100-day moving average has been above the 200-day moving average since 2014, with only a brief dip below during a death cross in late 2023. This event was followed by a massive rally, with bitcoin prices surging by 170%. The fact that the 100-day moving average is about to re-cross above the 200-day moving average has led the analyst to suggest that this could trigger the most explosive bull run yet.
Concerns and Predictions
On the other hand, analyst ‘CrediBULL Crypto’ has predicted that there may be another downturn in prices, potentially dropping to the $56,000 level before any relief rally. This prediction aligns with the belief of other analysts who have noted that September is historically a month of negative price action for Bitcoin. Moreover, there have been reports suggesting that the prolonged period of sideways movement could lead to a more significant price swing, with the path of least resistance currently leaning towards another drop. ‘Rekt Capital’ observed that Bitcoin is making efforts to reclaim the higher low from July but emphasized the importance of a weekly close above $58,300 to secure the upward channel.
Market Movement
As of the latest data, Bitcoin has seen a 3% increase over the past 24 hours, reaching an intraday high of $59,800 during the Asian trading session. However, the price has started to recede, currently trading at $59,300. The next significant resistance level is around $61,000, but it remains to be seen whether Bitcoin can break through. The total crypto market capitalization is up approximately 2% to $2.17 trillion, with altcoins slightly outperforming Bitcoin at the moment. Some of the top gainers include Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI).
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