When long-term technical signals began to improve, Bitcoin (BTC) started to regain. If the movement of the last year is repeated, larger gains can be achieved with an upcoming golden cross indicator. Bitcoin has surpassed $ 9,000 this week.
BTC is currently trading at $ 9,326. Although Bitcoin has experienced a slight decline after rising to $ 9,400, analysts say this rise will be stable. In short, according to some analysts, BTC will continue to retain its gains over $ 9,000.
Bitcoin Had 200% Increase in 2019
Since Monday, BTC has achieved steady gains, with an increase of 9 percent in just four days. Analysts observed that the six-month downstream channel was broken by recent moves and higher levels. According to the daily chart, the golden cross indicator and the 50-day and 200-day moving average are approaching. This was the last time in April 2019, and Bitcoin had grown 200 percent, from $ 4,500 to $ 13,800.
A movement similar to this indicator, if it happens within a few days and the pattern is repeated, it will be possible for Bitcoin to see $ 28,000 in the coming months. However, analysts remind that the golden cross indicator appeared in 2016 and Bitcoin was on the rise at that time.
Fundstrat Global Advisors Founder Tom Lee also spoke about the 200-day moving average:
“Bitcoin has surpassed the 200-day moving average … The positive milestone and strengthening of 2020 will make it a great year for BTC.”
Lee added that if this happens, the bull market will restart and lead to big gains in the next six months.