Bitcoin is on track to confirm a "golden cross" in the coming days, according to TradingView. This pattern, where the 50-day SMA crosses above the 200-day SMA, suggests a potential major bull run. This bullish signal emerges weeks after a "death cross" trapped bears, mirroring patterns observed last year.
A similar pattern from August-September 2024 preceded a move above $70,000 in early November, with prices reaching a record high above $109,000 in January this year. In early August last year, Bitcoin bottomed out around $50,000 as the 50-day SMA moved below the 200-day SMA, confirming a death cross.
The bullish sequence is repeating since early April, potentially leading to another price surge after the golden cross confirmation. On Friday, Moody's downgraded the U.S. sovereign credit rating from "Aaa" to "Aa1" due to concerns over the $36 trillion national debt. Last week, CoinDesk reported that elevated Treasury yields reflected fiscal concerns, which are bullish for Bitcoin.
This article is based on our author's analysis of materials taken from the following resources: TradingView and CoinDesk.