Bitcoin on verge of 8th Golden Cross, digital currency seen scaling new highs

New Delhi: The crypto currency market crash delivered a body blow to crypto/digital currency enthusiasts, however, it has witnessed significant correction in last few days and looks ready for ‘next phase of growth’.

Today, new investors are flocking towards virtual currencies and Bitcoin, the world’s largest cryptocurrency is hopeful of uptrend again.

In fact, the popular crypto staged a smart recovery on Tuesday, with its value rising to $47,000 levels. A day ago, it registered sharp drop due to Walmart’s approval of Litecoin as monetary medium for transactions at its departmental stores.

Bitcoin has again acquired centrestage and is rising on the charts. Experts believe world’s largest cryptocurrency is on the verge of making ‘Golden Cross’ on the daily chart for the first time. And, this comes soon after ‘Death Cross’ it witnessed in June meltdown.

What is Golden Cross?

Golden Cross is a term given by technical analysts, which explains the crypto’s performance under 2 simple moving averages – 50-day moving average & 200-day moving average.

According to Tradingview.com, Bitcoin’s 50-day moving average stood at $45,802 while 200-day moving average was $45,875.

As per market indicators, if 50-day moving average goes above 200-day moving average, it will deliver good to best performance.
As data and markets indicate, Bitcoin has seen 7 instances of ‘Golden Cross’ in its existence of over a decade.

Bitcoin seen hitting $64,000

Glassnode Insights, a portal presenting crypto analysis, says that investors have begun fresh accumulation of Bitcoin while those buyers who bought it before January 2021 are holding on to their coins.

Analysts see the popular crypto to break the resistance in near term and reach as high as $64,000 this year but before that it will have to surpass $47,000 and then $50,000.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *