If you’ve been on Crypto Twitter at all over the past few months, you’ve likely noticed the phrase “Bitcoin golden cross” tossed around incessantly. The reason, the leading cryptocurrency’s weekly chart is on the verge of printing what is known as a “golden cross,” when a short-term moving average crosses over a long-term one to imply bulls have control.<\/p>\n
Some analysts have suggested that this chart formation could lead to immediate gains for the Bitcoin market, though this may not be a certainty.<\/p>\n
In a few hours’ time, Bitcoin’s weekly chart is expected to print a golden cross of the 50-week and 100-week simple moving averages, with the former crossing above the latter. As an analyst recently pointed out, the last time this was seen, BTC surged by 75% in the four to five weeks that followed the cross.<\/p>\n
But will this happen again?<\/p>\n
\nThe much anticipated weekly candle close for $BTC<\/a><\/p>\n
The 50\/100 MA golden cross is all but confirmed & we're closing on a bounce above fibonacci support from the December bottom in 2018 to the 2019 top<\/p>\n
The last golden cross on the weekly led to 75% gains in the following weeks \ud83d\ude80 pic.twitter.com\/JEEe4FyHOM<\/a><\/p>\n
— LilMoonLambo (@LilMoonLambo) December 8, 2019<\/a><\/p><\/blockquote>\n