Recently, the crypto analyst known as the ‘Titan of Crypto’ shared with his 90,000 followers on Twitter a unique technical pattern that has never been seen before in the cryptocurrency market. This pattern involves a golden cross forming between the 100-day moving average and the longer time frame 200-day moving average. Unlike the typical golden cross, where a shorter timeframe moving average crosses above a longer timeframe MA, this particular pattern signifies a bullish long-term trend reversal. The 100-day moving average has maintained its position above the slower 200-day MA since 2014, with the only exception being a brief dip below during a death cross in late 2023. The subsequent rally following this event saw bitcoin prices surge by a remarkable 170%. Now, as the 100-day MA looks poised to re-cross back above the 200-day MA, the analyst believes that it could potentially trigger the most explosive bull run yet.
Other analysts in the crypto space have also weighed in with their predictions and observations. Analyst ‘CrediBULL Crypto’ has suggested that there may be another leg down to the $56,000 level before any relief rally takes place. This prediction aligns with the belief held by many analysts that September tends to be a month of negative price action for Bitcoin. Additionally, ‘Rekt Capital’ noted that Bitcoin is currently making the right moves to avoid turning the channel bottom into new resistance. The asset is in the process of reclaiming the higher low established back in July, but it needs a weekly close above $58,300 to solidify its position within the channel. Despite a 3% gain over the past 24 hours, Bitcoin’s intraday high of $59,800 during the Asian trading session is now facing resistance around the $61,000 zone. The current price is hovering around $59,300, with the total crypto market capitalization reaching $2.17 trillion. Altcoins like Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI) have been outperforming BTC marginally in recent trading sessions.
As the cryptocurrency market continues to navigate through uncertain waters, investors and analysts alike are closely monitoring these technical patterns and price movements for potential signs of an impending bull run. The convergence of the 100-day and 200-day moving averages in a golden cross formation has sparked optimism among traders, with expectations of a significant price surge on the horizon. However, the market remains unpredictable, and caution should be exercised when interpreting these signals. Ultimately, only time will tell whether these patterns will indeed lead to a new bullish cycle or if further corrections lie ahead.