“Golden Cross”, which is an effective indicator of long-term price action, takes place on Bitcoin’s daily chart. The Golden Cross is known to be a lagging indicator and can take time to be fully confirmed. The indicator occurs when the 50-day moving average crosses the 200-day moving average upwards. If it happens in parallel, it has the name Golden Cross, that is, “Golden Crossing”, because it affects the price positively. So, what can happen after the Golden Cross in Bitcoin? Let’s take a look at the Golden Crosses that took place on Bitcoin with examples from the past.
The last time the Golden Cross movement took place, Bitcoin pricing was positive, showing an increase of up to 700%. I think it is useful to say that this is historical data. It is worth noting that the Golden Cross we are currently experiencing is just one of the possibilities to cause a similar increase.
According to on-chain data analyst Will Clemente, if BTC maintains its upward momentum, it is likely to reach $50,000 in the near term.
It is a known fact that BTC did not start to rise directly after the Golden Cross movement. In fact, we can see from the chart that there are short-term decreases after the Golden Cross in some periods.
When we look at the Golden Cross, which took place on June 24, 2019, we see that despite the confirmation of the indicator, there was a dream for two days. However, at a time when there is no mass outflow from the market, the Golden Cross is approved and the rise may begin. Since the Golden Cross is a long-term indicator, it is useful to follow the progress of the moving averages.