Could This Novel Gold Cross Set Off An Explosive Bitcoin Bull Run?

On September 2, crypto analyst ‘Titan of Crypto’ showed his 90,000 X followers a never-before-seen technical pattern.

A golden cross is forming between the 100-day moving average and the 200-day moving average.

A typical golden cross is when a shorter moving average, such as a 50-day, crosses above a longer MA, such as a 200-day. It is a long-term bullish investment pattern.

Golden Golden Cross?

The 100-day moving average has been above the slowest 200-day since 2014, and only fell below it in a death cross at the end of 2023. There was a big rally after that happened with bitcoin prices increasing by 170%.

However, it is poised to cross above again, which “could trigger the most explosive bull run yet,” the analyst said.

#Bitcoin Golden Cross is Happening 💥

A Golden Cross between the MA100 🔵 and MA200 🔴 is unfolding—something we've never seen before.

This could trigger the most explosive bull run yet. 🚀 pic.twitter.com/RK8GhbpDrd

— Titan of Crypto (@Washigorira) September 2, 2024

On September 3rd, analyst “CrediBULL Crypto” predicted that there could be another leg down to the $56,000 level before any relief rally. This would fit with the predictions of other analysts based on the premise that September is usually a month of negative price action for BTC.

This week, CryptoPotato reported that prolonged stagnation in sideways action is likely to lead to a bigger move, and another unload appears to be the path of least resistance at this point.

On September 3, analyst “Rekt Capital” observed that bitcoin “was doing all the right things not to turn the bottom of the channel into new resistance.” The asset was trying to recapture the high low dating back to July, but needs a weekly close above $58,300 to secure the channel, he added.

#BTC

Bitcoin does all the right things to not turn the bottom of the channel (black) into new resistance

The Higher Low (blue) dating back to July is also currently being attempted

Bitcoin needs a weekly close above $58300 to secure the black channel$BTC #Crypto #Bitcoin https://t.co/JbrBCaiWud pic.twitter.com/8zzzj9oK0T

— Rekt Capital (@rektcapital) September 2, 2024

Bitcoin is rising slowly but still sideways

Bitcoin has gained 3% over the past 24 hours, hitting an intraday high of $59,800 during the Asian trading session on Tuesday morning.

The next level of resistance is around the $61,000 area, but it has already started to pull back, trading at $59,300 at the time of writing.

The total crypto market capitalization is up around 2% to reach $2.17 trillion, with most altcoins marginally outperforming BTC at the moment.

Current top gainers include Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI).

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