Bitcoin's 13th Golden Cross: Could it signal the start of a bull market? Focus on breaking $84,400 and the US Senate vote

While a Golden Cross is generally considered a bullish signal, past price movements have shown variability. Whether this leads to a sustained rally depends onwhether Bitcoin can break through $84,400, whether capital inflows into spot ETFs continue, and whether deliberations on the crypto asset bill advance in the US Senate.

While technical indicators and supply-demand dynamics are providing tailwinds, persistently high US long-term interest rates remain a headwind. At this stage, it is premature to conclude a shift to a bullish trend based solely on the Golden Cross.

Of the past 12 instances, the three that led to significant gains saw an average increase of over 250% in the 12 months following the formation. Meanwhile, the remaining nine instances saw an average gain of 24.9% in the three months following the formation.Although a simple comparison is not possible due to different observation periods, a golden cross does not necessarily guarantee a long-term rise.