Recently, the crypto analyst known as ‘Titan of Crypto’ shared with his 90,000 followers a unique technical pattern that is currently unfolding in the market. This pattern involves a golden cross forming between the 100-day moving average and the longer 200-day moving average. While a typical golden cross involves a shorter time frame moving average crossing above a longer one, this particular scenario has not been seen before. The 100-day moving average has historically been above the 200-day MA since 2014, with the only exception being a temporary death cross in late 2023. The analyst speculates that this re-crossing could potentially trigger an explosive bull run in the near future.
Analyst Predictions and Market Outlook
On a different note, analyst ‘CrediBULL Crypto’ has predicted that there might be a further drop in Bitcoin’s price to the $56,000 level before any relief rally takes place. This prediction aligns with the belief held by many analysts that September tends to be a month of negative price action for BTC. Additionally, ‘Rekt Capital’ observed that Bitcoin is currently showing promising signs of reclaiming higher lows dating back to July, but emphasizes the need for a weekly close above $58,300 to secure this upward trend.
Current Market Movement and Altcoin Performance
In the past 24 hours, Bitcoin has seen a modest 3% increase in price, reaching an intraday high of $59,800 during the Asian trading session on Tuesday morning. The next major resistance level is around the $61,000 mark, although Bitcoin is currently trading at $59,300 as of now. The total crypto market capitalization has experienced a 2% increase, reaching $2.17 trillion, with altcoins such as Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI) outperforming Bitcoin marginally.
The cryptocurrency market is currently displaying a mix of technical patterns and analyst predictions that point towards potential future price movements. While a golden cross formation between the 100-day and 200-day moving averages suggests a bullish long-term trend reversal, some analysts are predicting a temporary drop in Bitcoin’s price before a relief rally occurs. As Bitcoin continues to navigate key resistance levels, it will be interesting to see how the market dynamics unfold in the coming days.