Bitcoin Forecast: The Golden Cross Signals an Uptrend, but Not Right Away

However, the current situation bears a closer resemblance to what we saw in 2019, when the golden cross appeared following a prolonged bull market, rather than as a correction within an uptrend. Six years ago, this signal was followed by a 90% rally in less than two months. The return of the 50-day moving average above the 200-day moving average in 2020 required more patience, which was ultimately rewarded with a more than sixfold increase over the following 10 months. By contrast, the 2023 golden cross delivered an 110% increase over five months and more than a twofold increase over the next two years.

Crypto News

Bitcoin is once again trading like gold. In recent weeks, the leading cryptocurrency has once again become more sensitive to concerns regarding the sustainability of US public finances, as noted by CoinShares. However, high interest rates are currently limiting the narrative’s potential.

Last week, Strategy neither bought nor sold any Bitcoin, maintaining its reserves at 845,050 BTC. Instead, the company purchased $176.3 million worth of STRC preference shares and doubled its share buyback programme to $2 billion. The week before, Strategy had bought BTC for the first time since mid-June.