The Bitcoin price has been enduring extreme conditions for a long time, which makes the price quite strong and ready to sustain a notable increase. The BTC price has been preparing since the beginning of the year 2023 and registered a growth of almost 40%. Although the bears are doing their best to restrain the price from rising beyond the crucial levels, the price respected the tentative support at $22,800 and rose accordingly.
The latest price action has bought the 200-day SMA and the 50-day SMA on the daily time frame together, due to a crossover, often called the ‘Golden Cross’. The 50-day SMA crossed the 200-day SMA levels and raised intermittent bullish high signals in the coming days. However, during the earlier times when the golden cross occurred, the BTC price increased by more than 160%.
Therefore, a popular analyst, Lark Davis, referring to previous rallies, speculates that the price may resume an uptrend, gaining 160% very soon.
“The last time Bitcoin had a golden cross after a major downtrend was in 2019.
Gains of 160% followed,” the analyst wrote, noting that similar action could be underway.
Based on Coinpedia’s previous report on the next golden cross, it looks like the current rally could be the start of a massive bull run. However, as the token is about to face the first weekly death cross, sharp bearish action may also be predetermined. Therefore, market participants must exercise caution, managing their risk accordingly.
This post Top Bitcoin News Today: BTC Price May Be Gearing Up For A 10x Rally Soon!
was published first on https://coinpedia.org/price-analysis/top-bitcoin-news-today-btc-price-may-be-preparing-for-a-10x-rally-soon/
