Wall Street awaits as Bitcoin forms a new golden cross

Every Wall Street investment fund director is likely to read an article about Bitcoin’s latest golden cross in their printed copy of the Wall Street Journal or the Financial Times next week. Even the New York Times could write about it. Analysts expect Bitcoin to post a new golden cross on its daily chart sometime next week. A very bullish signal that will normally bring in a fresh round of investments from Wall Street.

Will we see a new Bitcoin record when we see a new American president?

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There are two technical signals that anyone who reads a stock market chart should know, namely a ‘death cross’ and a ‘golden cross’. Whenever you see one of those two signs in a stock or a cryptocurrency, you can assume that classic investors will either take their profits and sell (in the case of a death cross), or increase their purchases (in the case of a ‘golden cross’).

Bitcoin’s potential golden cross signals bullish outlook amid concerns over rising U.S. Treasury yields. Analysts debate Fed policy impact as crypto market eyes $70,000 resistance. 📈💰 #Bitcoin #CryptoNews

— Ultra | MSU🍄 Player | Crypto Updater (@pure_ai_chain_) October 23, 2024

The golden cross is formed when the 50-day average rises above the 200-day average on a chart. Investors see this as a very bullish signal because it means there are more buyers in the short term than in the long term.

The last time Bitcoin showed a golden cross on its daily chart was at the end of October last year, when the largest digital coin was trading at a price of around $35,000. If you had bought back then, you would now have made a profit of about 100%.

Analysis: Bitcoin’s imminent ‘golden cross’ signals bullish momentum

Bitcoin’s (BTC) technicals indicate an imminent “golden cross” — a bullish pattern where the 50-day simple moving average (SMA) moves above the 200-day SMA, often signaling the beginning of major rallies,…

— CoinNess Global (@CoinnessGL) October 23, 2024

Since many pension and investment funds on Wall Street know the logic every time a golden cross is placed, many analysts expect a fresh round of capital for Bitcoin at that time. So you know what to expect next week. Please note that geopolitics and unexpected circumstances have an influence, as always. Invest safely everyone.