Bitcoin (BTC) is nearing a bullish Golden Cross formation on the weekly chart, as the largest cryptocurrency by market cap trades just shy of its all-time high (ATH) of $108,786. With a new ATH seemingly within reach, several crypto analysts are weighing in on how high the ongoing rally could propel BTC.
In a recent post on X, crypto analyst Titan of Crypto shared the following weekly chart highlighting that BTC is on the verge of forming another Golden Cross. The last time BTC experienced this technical pattern was in October 2024, which preceded a historic rally that saw the asset hit multiple new ATHs over the following months.
For the uninitiated, a Golden Cross occurs when Bitcoin’s short-term moving average (MA) – typically the 50-day – crosses above its long-term MA – usually the 200-day – signalling a potential shift to a sustained bullish trend. This pattern is widely viewed by traders as a strong indicator of upward momentum.
Similarly, crypto analyst CryptoGoos shared the following weekly Bitcoin chart showing BTC breaking out of a price range, while the Moving Average Convergence Divergence (MACD) undergoes a bullish crossover.
As seen in previous cycles, similar MACD crossovers were followed by significant price increases. If the pattern holds, BTC could be on the path to a new ATH.
To explain, an MACD bullish crossover happens when the MACD line – blue line – crosses above the signal line – orange line – indicating a potential shift from bearish to bullish momentum. Traders often see this as a sign that upward price movement may follow.
