Bitcoin Triggers Golden Cross, Signals Flash Sale Ahead of Bull Market
Bitcoin has triggered a Golden Cross, signalling a potential bull run, though analysts predict a short-term price dip termed a “flash sale”. Kyle Chasse warns of a 10-15% drop prior to a potential surge towards $320,000. Additionally, forecasts hint at Bitcoin hitting $130,000 by mid-year and possibly $160,000 by end of 2025, while cautioning on altcoin declines potentially reaching up to 40%.
Bitcoin (BTC), the top cryptocurrency, has just triggered a notable technical phenomenon known as a Golden Cross. This formation has often indicated significant upward price movements in previous cycles. However, some analysts, including Kyle Chasse, point out that while a bullish trend may be ahead, a short-term dip or ‘flash sale’ could occur first, offering a brief window for strategic buying opportunities.
Chasse highlighted on social media that last time such a Golden Cross emerged, Bitcoin surged dramatically, recording gains of 139% in 2016 and a staggering 2,200% in 2017. More recently, a similar pattern facilitated a rise exceeding 1,190% in 2020, pushing Bitcoin to its then all-time high of nearly $69,000. With Bitcoin now encroaching upon six figures, he notes that this Golden Cross might not align with historical precedents regarding immediate price increases.
Chasse suggests that instead of an explosive rally right away, there is potential for a 10-15% decrease in Bitcoin’s price before a subsequent rise. He identifies a support zone, typically referred to as a “reload zone”, where prices around $98,000 to $101,000 could serve as an optimal entry point for buyers ahead of a larger price surge that some anticipate could see Bitcoin hitting $320,000.
Importantly, while this dip could look concerning, Chasse classifies it as a strategic chance to buy rather than a signal of market weakness. He also warns that during Bitcoin’s pullbacks, alternative cryptocurrencies (altcoins) frequently experience more pronounced declines. Analysts anticipate that some altcoins might drop by as much as 30-40% in the wake of the impending Bitcoin price adjustment.
Looking ahead, Bitcoin has once again peaked above $110,000, indicating a possible shift into a more aggressive bull phase. Crypto analyst Cas Abbe connects this current movement to previous pivotal moments in 2013, 2017, and 2021, suggesting similarities in market behaviour. According to his analysis, Bitcoin could soon enter a price discovery stage, potentially leading to sharp increases.
Forecasts promise enthusiasm, predicting Bitcoin could reach $130,000 by July and escalate further to around $160,000 by late 2025. Abbe even speculates a maximum price surge might eventually take Bitcoin towards $230,000. As crypto enthusiasts and investors gear up, all eyes are fixed on Bitcoin’s next moves amidst these fluctuating trends.
As always, the editorial team behind Bitcoinist insists on delivering thoroughly fact-checked and unbiased news, aimed at enlightening its audience with reliable information during this rapidly changing digital currency landscape.
Post Comment