Recently, crypto analyst known as the ‘Titan of Crypto’ shared with his 90,000 followers on Twitter an interesting technical pattern that has caught the attention of many in the cryptocurrency community. This pattern involves a golden cross forming between the 100-day moving average and the longer-term 200-day moving average. Unlike the typical golden cross, which involves a shorter time frame MA crossing above a longer time frame MA, this unique situation is seen as a bullish long-term trend reversal pattern.
The 100-day moving average, which had been above the slower 200-day since 2014, experienced a death cross in late 2023. Following this event, there was a significant rally in bitcoin prices, surging by 170%. Now, as the 100-day MA is about to re-cross back above the 200-day MA, the ‘Titan of Crypto’ believes that this could potentially trigger the most explosive bull run the market has seen yet.
Another analyst, going by the name of ‘CrediBULL Crypto,’ has a different perspective on the current state of the market. Predicting that there could be another downward movement to the $56,000 level before any relief rally, ‘CrediBULL Crypto’ aligns with other analysts who suggest that September tends to be a month of negative price action for BTC. This sentiment is supported by the observation that the prolonged sideways action in the market is likely to lead to a larger move, with the path of least resistance currently pointing towards another flush-out.
On the other hand, analyst ‘Rekt Capital’ noted that bitcoin was making positive strides in avoiding the formation of new resistance at the channel bottom. The asset was striving to reclaim the higher low established back in July, but ‘Rekt Capital’ emphasized the importance of a weekly close above $58,300 to secure the channel. Despite a 3% increase in the past 24 hours, with bitcoin reaching an intraday high of $59,800, the next level of resistance at around $61,000 has already started to push the price back down, trading at $59,300 at the time of writing.
In the broader cryptocurrency market, the total market capitalization has risen by around 2% to reach $2.17 trillion. Interestingly, most altcoins are currently outperforming BTC marginally, with larger gainers such as Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI) showing strong positive movement. This indicates a dynamic market environment where various digital assets are showcasing their potential in the midst of ongoing price fluctuations.
The cryptocurrency market is witnessing a mix of technical patterns, price predictions, and overall market performance that is keeping investors on their toes. While some are optimistic about the potential for a bullish trend reversal triggered by a golden cross formation, others are cautious about the possibility of further downward movements before a relief rally. As the market continues to evolve, staying informed and being prepared for various scenarios remains crucial for navigating the ever-changing landscape of cryptocurrencies.
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