Bitcoin (BTC) appears to be forming a bullish “golden cross” trading pattern that could signal near-term gains for the largest cryptocurrency by market capitalization.
A golden cross, or “golden crossover” as it is also known, occurs when Bitcoin’s 50-day moving average moves above its 200-day moving average.
The trading pattern indicates that the short-term price momentum is outperforming the long-term, potentially evolving into a big bull run for the digital asset.
Previous golden crosses have led to significant rises in the price of Bitcoin.
An investor who held Bitcoin for a year following two previous golden crosses would have more than doubled their money.
The last golden cross for Bitcoin occurred on Oct. 30, 2023. Bitcoin’s price doubled in the following six months leading up to a new all-time high for the crypto of just under $74,000 U.S.
Bitcoin is currently trading at $66,500 U.S., having risen 50% so far in 2024.
