The crypto market is currently witnessing a unique technical pattern that has caught the attention of many analysts. The ‘Titan of Crypto’ recently revealed to his 90,000 followers on Twitter that a golden cross is forming between the 100-day moving average and the 200-day moving average. This particular golden cross, unlike the typical ones involving shorter time frames, is showing signs of a bullish long-term trend reversal pattern. The 100-day moving average has been above the slower 200-day since 2014, except for a brief moment during a death cross in late 2023. Following this event, there was a significant rally in bitcoin prices, surging by a whopping 170%. The analyst believes that the upcoming re-cross could potentially trigger the most explosive bull run yet.
On the other hand, analyst ‘CrediBULL Crypto’ has forecasted that there might be another downward move to the $56,000 level before any relief rally. This prediction aligns with the belief held by many analysts that September tends to bring negative price action for Bitcoin. As reported by CryptoPotato, the prolonged sideways movement in the market is expected to lead to a significant shift, possibly through another flush-out. Analyst ‘Rekt Capital’ noted that Bitcoin is currently making efforts to reclaim higher lows dating back to July but would require a weekly close above $58,300 to secure the channel. Despite Bitcoin’s 3% increase over the past 24 hours, with an intraday high of $59,800, the asset is facing resistance around the $61,000 zone, currently trading at $59,300.
The total crypto market capitalization has seen a 2% increase, reaching $2.17 trillion, with most altcoins slightly outperforming Bitcoin at the moment. Notable performers include Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI). While Bitcoin continues to face resistance levels and uncertainties in the market, altcoins are showing resilience and potential for growth. As the market dynamics continue to evolve, investors and traders are closely monitoring these trends and expert opinions to navigate the volatile crypto landscape.
