Bitcoin “Golden Cross” Suggests 170% Rally to $26,000 by May

Bitcoin “Golden Cross” Suggests 170% Rally to $26,000 by May

The price of Bitcoin could surge to $26,000 in just a few months. That is at least the case if one is to believe a fresh market prediction by a crypto analyst. Specifically, this prediction suggests that the upcoming Bitcoin halving and “golden cross” will lead to a massive price rally.

Bitcoin has made a “golden cross”, crypto rally inbound?

This prediction came from the crypto analyst Keith Wareing. Specifically, Wareing notes that today, on February 18th, saw a “golden cross” occur. A “golden cross” event is a decidedly bullish signal, according to Investopedia’s definition. 

This happens when a short-term moving average crosses over a long-term moving average. According to Investopedia’s definition, a golden cross “is a technical chart pattern indicating the potential for a major rally”. Some traders may also be familiar with the bearish opposite to a golden cross, known as a “death cross”.

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Nevertheless, this week finally saw Bitcoin reach a “golden cross”. The premier cryptocurrency’s rising 50-day moving average rose above its 200-day moving average. As the following chart demonstrates, golden Bitcoin crosses typically see an ensuing price rally.

Image Source: TradingView

“Last time this happened Bitcoin pumped 170% in 60 days”

The slew of bullish signals seen during the past few weeks, together with this golden cross, paint a bullish picture. Moreover, Wareing is also extremely bullish, and is unfazed by Bitcoin’s recent dip below $10,000. Instead, he suggests Bitcoin may now rally to new highs:

“Last time this [golden cross] happened #Bitcoin pumped 170% in under 60 days,” Wareing wrote in a recent Twitter post. What’s more, Wareing also notes that despite Bitcoin’s slight price dip, Bitcoin still has support for an ascending price triangle.

A Bitcoin rally of roughly 170% would bring the price of Bitcoin to levels around $26,000. This would crush Bitcoin’s previous all-time high of $20,000 – and lay the groundwork for further future gains.

Bitcoin holds significant support around $9,500

According to the crypto analyst Michaël van de Poppe, Bitcoin’s dip was broken by a “bounce” on the green area around $9,450 to $9,500. Moreover, van de Poppe sent a tweet suggesting that the coming days preceding any major price movements could be calm.

“We could still see a period of relative calm movements, before we’re either attacking the highs at $10,400 or the lows at $9,500.”

With that said, it will be interesting to watch the crypto markets in the coming days. The past week saw Max Keiser raise his Bitcoin forecast to $400,000, Mike Novogratz suggest Bitcoin could surpass $20,000 by May, and Fundstrat’s Tom Lee predict an incoming 200% Bitcoin rally.

What’s more, Anthony Pompliano said that a $100,000 Bitcoin rally could already have begun. Coinbase suggests Bitcoin could truly become “digital gold” by the May Bitcoin halving, and Alex Mashinsky says Bitcoin will reach $30,000.

As such, there is no shortage of bullish indicators and predictions for the crypto market. These predictions all point towards a massive price increase for the premier cryptocurrency. Nonetheless, it remains to see whether Bitcoin’s golden cross will truly lead to a 170% price rally.