Recently, a prominent crypto analyst known as the ‘Titan of Crypto’ shared with his 90,000 followers on Twitter an unprecedented technical pattern taking shape in the market. This pattern involves the formation of a golden cross 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 moving average crossing above a longer time frame MA, this particular cross signifies a bullish long-term trend reversal pattern. The 100-day moving average has maintained dominance above the 200-day MA since 2014, with the only exception being a brief dip below during a death cross in late 2023. Following this event, Bitcoin prices surged by a staggering 170%. Now, as the 100-day MA is poised to re-cross above the 200-day MA, the ‘Titan of Crypto’ believes that this could potentially trigger the most explosive bull run yet.
On the following day, another analyst by the name of ‘CrediBULL Crypto’ forecasted that Bitcoin could experience another downward leg towards the $56,000 level before a potential relief rally. This projection aligns with the expectations of several other analysts who anticipate negative price action for BTC during the month of September. According to CryptoPotato, the extended period of sideways movement in the market is likely to culminate in a significant price shift, with the path of least resistance currently pointing towards a further flush-out. Additionally, ‘Rekt Capital’ noted that Bitcoin was making favorable progress in avoiding the transformation of the channel bottom into a new resistance level. To solidify its position, the asset must secure a weekly close above $58,300. As of the latest data, Bitcoin has experienced a 3% increase in value over the past 24 hours, reaching an intraday peak of $59,800 during the Asian trading session on Tuesday. The next hurdle for Bitcoin lies around the $61,000 zone, although it has already retraced to $59,300 at the time of this writing.
At present, the total cryptocurrency market capitalization has risen by approximately 2%, reaching a total of $2.17 trillion. Interestingly, most altcoins are slightly outperforming Bitcoin in terms of price movements. Notable gainers in today’s market include Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB), and Uniswap (UNI), showcasing the resilience and potential of alternative cryptocurrencies in the current market environment.