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Golden Cross Forms On The Bitcoin Chart
Crypto analyst Titan of Crypto has highlighted a significant bullish indicator on the Bitcoin chart. The analyst pointed out that a Golden Cross has formed on Bitcoin’s 2-month chart. According to him, every time this bullish pattern has appeared, Bitcoin has experienced a massive price rally.
He shared an accompanying chart showing that the last occurrence of this pattern was in 2021, which saw Bitcoin’s price surge from around $13,000 to above $60,000. This historical pattern suggests that another significant rally could be imminent for Bitcoin.
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While the future remains uncertain, there is a growing belief that a significant rally is long overdue for Bitcoin. The price has stagnated since reaching an all-time high (ATH) of $73,000 in March earlier this year. In a separate X post, Titan of Crypto hinted that the anticipated Bitcoin rally might commence in October.
The analyst noted that historically, a bearish September often sets the stage for a substantial year-end bounce in risk assets like Bitcoin and US stocks. Despite some voices suggesting that Bitcoin is currently in a downtrend, Titan of Crypto remains optimistic about Bitcoin’s bullish outlook. He observed that Bitcoin is still bullish on the monthly timeframe, maintaining its position above the Tenkan line at $49,900, which is crucial for sustaining its bullish outlook.
October Is The Month To Look Forward To
Crypto analyst Rekt Capital shares a sentiment similar to Titan of Crypto, emphasizing that October could be a pivotal month for Bitcoin. He noted that historical data suggests Bitcoin should break out from its reaccumulation range within the next two weeks, with a higher likelihood of this breakout occurring in October.
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October has historically been a strong month for Bitcoin, especially in halving years like this one. A potential rally in October is expected to extend into November and December. Rekt Capital highlighted that Bitcoin has enjoyed three consecutive months of positive growth in the fourth quarter of both the 2016 and 2020 halving years.
At the time of writing, Bitcoin is trading at around $57,700, reflecting a 3% increase over the last 24 hours, according to data from CoinMarketCap. This positive movement has rekindled optimism among investors and analysts alike, further strengthening the belief that a major rally could be on the horizon.
As the crypto market continues to evolve, keeping an eye on these bullish indicators and historical patterns can provide valuable insights for making informed investment decisions. The next few months will be critical in determining whether Bitcoin can break through its current resistance levels and achieve new all-time highs.
