"Golden Cross" appears, Bitcoin price can increase by 170% to reach $ 26,000

Diệp Quân February 18, 2020 0 Comments

Bitcoin (BTC) could reach $ 26,000 in just the next two months thanks to a bullish event that previously triggered a 170% increase.

As noted on February 18 by Keith Wareing, an analyst with CoinTelegraph Markets, this week saw the 50-day moving average cross up with the 200-day moving average of Bitcoin.

1-year Bitcoin price chart with 50 and 200-day moving averages. Source: TradingView

Known as the "golden cross" or "golden cross", this phenomenon is a rare occurrence for cryptocurrencies. Although the BTC / USD pair has dropped nearly $ 1,000 in recent days, Wareing has no bearish potential in the short-term.

"The last time this happened, #Bitcoin was pumped 170% in less than 60 days," he wrote on Twitter.

Wareing added that at the current price of about $ 9,800, Bitcoin has held support in an overall rising triangle.

Wareing's view was agreed upon by CoinTelegraph colleague Michaël van de Poppe.

“And so it turned up on the green area around $ 9,400- $ 9,500. That is very necessary, ”he said to speak with followers on Twitter on Wednesday.

"We can still see a relatively calm move, before it attacks higher levels at $ 10,400 or lower at $ 9,500."

In addition, the weekend has left a fairly large gap between the two Bitcoin futures sessions. Historically, Bitcoin has then "filled" these gaps, which implies that this week can see Bitcoin return to $ 10,500.

Friday's session closed at $ 10,495, while Monday began at just under $ 10,000.

3 highest forecasts all time in 1 month

The "Golden Cross" makes the price of Bitcoin that Wareing forecasts become the third highlight of the large short-term profit this month.

As Toiyeubitcoin reported, Fundstrat's Tom Lee believes Bitcoin could reach $ 27,000 by August, and the motivation once again was due to the price overcoming the resistance from the 200-day moving average.

Meanwhile, renowned venture capitalist Mike Novogratz announced that the BTC / USD pair could retest the all-time high of $ 20,000 at the time of the halving event - i.e., May 2020.