Since establishing a new all time high of $111,931 in late May, the premier cryptocurrency has witnessed significant levels of selling pressure forestalling further levels of price discovery.
Amidst this current market set up, popular trader with X pseudonym Trader Tardigrade continues to back Bitcoin’s bullish potential with another compelling price prediction.
Using the BTC daily trading chart, Tardigrade notes the recent formation of a golden cross as the 50-day simple moving average (50SMA) crossed above the 200-day simple moving average (200SMA) amidst the asset’s recovery in the past two months.
For context, the golden cross is one of the most common bullish formations that indicate extensive price rally ahead. It occurs when a short term moving average moves above long-term moving average indicating a potential shift from consolidation or downtrend into a strong uptrend.
Since 2023, the three instances of the 50/200 SMA golden cross have yielded substantial price gains to the tune of 49%, 125% and 68%.
Going by this price history, Tardigrade postulates the most recent golden cross tips Bitcoin to hit a market price of at least $152,000 representing a potential 44.7% gain from present market prices in a worse case scenario.
Tardigrade explains the feasibility of these predictions noting Bitcoin’s recent uptrend which has produced an estimated 47% from April lows. Notably, Bitcoin’s prices have boosted by 656% since the present market cycle commenced in late 2022.
At the time of writing, BTC is valued at $105,552 after a 0.20% gain in the past day. The flagship cryptocurrency also retains a green performance on longer timeframes with gains of 0.03% and 1.41% on the weekly and monthly charts.
Despite these positive figures, Bitcoin’s recent price action has shown signs of fatigue, with narrowing profit margins reflecting a consolidation phase and sideways movement over the past week.
