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”.
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.
“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.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.