Bitcoin price officially forms a “Golden Cross” on October 30, and if historical data is noted, BTC price is set for an all-time high (ATH) as the Bitcoin halving occurs next year.
Traders and institutional investors tracking BTC chart patterns have already invested extensively in the last two weeks in anticipation of a historic “Golden Cross” and the SEC potentially approving a spot Bitcoin ETF later this year.
Bitcoin Forms “Golden Cross” Pattern
Bitcoin just closed Sunday and printed a “Golden Cross,” a chart pattern where the 50-day moving average (blue) crosses above and over the 200-day moving average (red). This has happened a few times in Bitcoin’s history, with the most recent in February 2023.
This month, BTC price made a remarkable 30% rally in anticipation of spot Bitcoin ETF by the U.S. SEC this year, coupled with a “Golden Gross” chart pattern. After months of sideways movement amid regulatory pressure, low volumes and liquidity, and scrutiny after the collapse of FTX.
In fact, legendary trader Peter Brandt said Bitcoin has bottomed but it will not hit an ATH until Q3 2024. Moreover, the increase in trading volumes also confirms an incoming bullish rally before the Bitcoin halving. The halving is expected to take effect in April 2024. However, experts have predicted the ATH only after halving.
Matrixport research predicts Bitcoin price to hit $45k in 2023 and $125K by December 2024 after the halving. As per Matrixport, the next bull market is driven by institutional adoption.
Recent crypto funds inflow hints at massive crypto buying by institutional investors, with four consecutive weeks of inflows totaling an impressive $807 million. The weekly inflow of Bitcoin was $55.3 million last week.
Bitcoin Stock-To-Flow model creator PlanB says it’s time to buy Bitcoin at low in anticipation of halving. STF model suggests October 31 as the start of the [halving minus 6 months – halving plus 18 months]-period, which has outperforms buy and hold historically.
BTC price jumped 1% in the last 24 hours, with the price currently trading at $34,628. The 24-hour low and high are $34,175 and $34,743, respectively. Moreover, trading volume has increased by 70% in the last few hours.
Also Read:
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
