Bitcoin (BTC) is valued in the $40,000 to $45,000 range and has failed to overcome significant resistance levels as market-wide consolidation continues.
However, Bitcoin technical analysis shows the asset’s potential to reach all-time highs and derives insights from past price movements.
Specifically, the flagship cryptocurrency is expected to complete its first weekly gold crossover pattern (a long-term bullish signal).
A golden cross occurs when the 50-day moving average crosses the 200-week moving average in any market. Considering Bitcoin’s market cap, we expect the first golden cross this week unless BTC drops significantly by December 25.
Bitcoin price has been fluctuating lately and the golden cross is interpreted as a bullish indicator of the asset’s price action.
Is BTC Bull Run Beginning?
As mentioned earlier, when the 50-day SMA of a digital asset crosses above the 200-day SMA, it is widely predicted that a bullish phase will begin in the near future.
History tends to repeat itself, and BTC price fluctuations are no exception. According to a Dec. 22 post from cryptocurrency analyst TAnalyst, looking back at the past can tell you a lot about possible future price movements.
It is speculated that Bitcoin’s halving, planned for 2024, could signal the beginning of a new market cycle.
Bitcoin Price Analysis
At the time of writing, BTC is trading at $43,599, down -0.90% in the last 24 hours, up 2.29% on the weekly chart, and up 19.23% on the monthly chart
According to TradingView technical analysis, indicators point to a bullish trend in other areas as well. The daily indicator summary shows a 13-point buy signal overlapping the moving average. On the other hand, the oscillator gives three sell signals.
Only time will tell whether these positive technical and historical indicators will be a bullish sign for future events.
