Rally

bullish

Bitcoin

when

Leading crypto analytics firm CryptoQuant has identified a potential bullish signal for Bitcoin (BTC), using the recent behavior of the Coinbase Premium Index as a key indicator. According to their analysis, renewed demand from U.S.-based investors could trigger a short-term price rally for Bitcoin. 
<h2 id="what-is-the-coinbase-premium-index">What Is the Coinbase Premium Index?</h2> 
The Coinbase Premium Index tracks the price difference between Bitcoin on Coinbase and other exchanges, often serving as a proxy for U.S. investor interest. To assess Bitcoin’s short-term momentum, CryptoQuant analyzed the index using both 24-hour (daily) and 168-hour (weekly) moving averages, focusing on a 1-hour time frame. 
Historically, when the daily moving average crosses above the weekly moving average, forming what’s known as a “Golden Cross,” significant price movements often follow. Currently, the daily average has temporarily surpassed the weekly, narrowing the gap between the two. Analysts believe this indicates upward pressure and the possibility of a short-term rally. 
<img decoding="async" class="alignnone size-full wp-image-21414" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/cryptocurrency-market-scene-focused-on-Bitcoin-BTC-showing-a-potential-Golden-Cross-signal-The-image-features-Bitcoin-symbols-with-upward-price.webp" alt="cryptocurrency market scene focused on Bitcoin BTC showing a potential Golden Cross signal The image features Bitcoin symbols with upward price" width="1792" height="1024" title="Bitcoin’s “Golden Cross” Signal: Analysts Predict a Potential Rally 6" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/10/cryptocurrency-market-scene-focused-on-Bitcoin-BTC-showing-a-potential-Golden-Cross-signal-The-image-features-Bitcoin-symbols-with-upward-price.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/cryptocurrency-market-scene-focused-on-Bitcoin-BTC-showing-a-potential-Golden-Cross-signal-The-image-features-Bitcoin-symbols-with-upward-price-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/cryptocurrency-market-scene-focused-on-Bitcoin-BTC-showing-a-potential-Golden-Cross-signal-The-image-features-Bitcoin-symbols-with-upward-price-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"> 
<h2 id="why-analysts-are-optimistic">Why Analysts Are Optimistic</h2> 
Despite the recent <a href="https://www.turkishnyradio.com/veteran-analyst-peter-brandt-issues-xrp-warning-a-grim-price-prediction/" target="_blank" rel="noopener">price</a> correction, which saw Bitcoin drop from $66,000 to $61,000 on October 1, CryptoQuant notes that demand from U.S. investors remains strong. This is reflected in the rising Coinbase Premium, which suggests that American buyers are accumulating Bitcoin. According to the report, this consistent demand could provide the necessary momentum for Bitcoin to recover and push higher in the near term. 
CryptoQuant emphasized, “The gap between the daily and weekly averages is narrowing,” and pointed to past instances where such Golden Cross formations led to price increases. 
In summary, while the recent correction caused concern, the strong buying activity from U.S. investors may help Bitcoin stage a short-term recovery.

Bitcoin’s “Golden Cross” Signal: Analysts Predict a Potential Rally

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