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Bitcoin

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Bitcoin (BTC) just flashed an ultra-bullish technical indicator called the “golden cross” for the first time ever on its weekly price chart.
A golden cross occurs when a short-term moving average of an asset’s price crosses above a long-term moving average. Market participants often interpret this pattern as a sign of an oncoming bull market after a long bearish trading period.
In this case, Bitcoin’s 50-week moving average (WMA) has crossed above its 200-week moving average.
JUST IN: <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> made a 'Golden Cross' for the first time in its history, with the 50 week MA crossing over the 200 week MA.
Bullish! <a href="https://t.co/94yh2UnyML" rel="noopener noreferrer nofollow">pic.twitter.com/94yh2UnyML</a>
— Bitcoin Archive (@BTC_Archive) <a href="https://twitter.com/BTC_Archive/status/1744695398990557296?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 9, 2024</a>
That’s a historical first for Bitcoin, which first witnessed the former descend beneath the latter (aka the “death cross”) in early 2023.
The initial death cross followed one of Bitcoin’s worst-performing years in 2022. The asset crumbled by over 75% from its all-time high, following blowups and liquidations from crypto giants like Terra, Celsius, BlockFi, and FTX.
By mid-June 2022, the asset’s price had fallen beneath its 200WMA for the first time ever.
The Golden Cross, by contrast, followed a year of stellar recovery and renewed optimism for BTC. Investors fled to the asset amid wavering confidence in the U.S. banking system and heightening geopolitical tensions.
Meanwhile, confidence that a Bitcoin spot ETF will soon reach the United States has reignited hopes of large institutions being able to access digital assets. Asset managers like BlackRock and <a href="https://cryptonews.com/news/grayscale-ark-invest-valkyrie-file-security-registration-forms-for-spot-bitcoin-etf.htm" rel="noopener noreferrer nofollow">Valkyrie</a> both expect ETF approvals to arrive by Wednesday.
<h2 id="is-bitcoin-prepared-to-moon">Is Bitcoin Prepared To Moon?</h2>
 Addressing the Golden Cross, long-term crypto investor “Jelle” <a href="https://twitter.com/CryptoJelleNL/status/1744677127268520355" rel="noopener noreferrer nofollow">said</a> this to his X followers:
“The first ever Bitcoin weekly death cross was rather uneventful, but we’re about to find out what a weekly golden cross means for the market. This could get interesting.”
BTC is now up 170% over the past year, after rising to a 22-month high of $47,100 on Monday.
Highly optimistic Bitcoin price calls are making the rounds on both social media and in traditional investment circles. On Monday, analysts for Standard Chartered <a href="https://cryptonews.com/news/spot-bitcoin-etfs-may-boost-bitcoin-to-200000-in-2025-standard-chartered-bank-predicts.htm" rel="noopener noreferrer nofollow">predicted</a> that Bitcoin ETFs could trigger inflows that send BTC to $200,000 per coin by the end of 2025.
That same day, Fidelity’s Director of Research on Digital Assets, Chris Kulper, <a href="https://twitter.com/ChrisJKuiper/status/1744464192738828557" rel="noopener noreferrer nofollow">warned</a> Bitcoin investors to “expect more volatility ahead” as the market starts to “heat up” under the surface.
Similarly, analysts for JPMorgan have predicted that Bitcoin will reach $150,000 by mid-2025.

Bitcoin Price Marks First-Ever “Golden Cross” During ETF Hype

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