- Bitcoin (BTC) hovers at the $62,000 level yet sees no damping bullish spirit.
- Analysts notice a highly bullish golden cross formation for the pioneer crypto asset.
- BTC is now set to hit new highs starting from $73,7000 to $250,000.
Bitcoin’s dip to the $62,000 price range has done nothing to dampen the bullish sentiment taking over the crypto space. Most analysts are patiently waiting for a price pump in the cryp[to market taking Bitcoin (BTC) and altcoin prices to new ATHs in the coming months of what is to become a very bullish Q4.
Another Bullish Golden Cross Looms for BTC
As we can see from the post below, BTC printed a death cross followed by a golden cross late last year. This move propelled the price of BTC from the $24,000 price range to the $40,000 after which Bitcoin continued to pump steadily. Presently, the same pattern seems to be in play with a death cross already printed and another golden cross pattern starting to print.
What’s more, the analyst in the post calls this a weekly ichimoku golden cross which can be very significant. Last time the fake death cross led to a golden cross which triggered a 145% rally for the price of Bitcoin (BTC). Similarly, another post highlights the formation of Bitcoin about to complete the golden cross pattern in the 50 days over 200 days price chart.
Triple Blow-Off Wave Loads for BTC
Meanwhile, another popular technical analyst, Gert van Lagen, observes a specific continuity from 2019 to 2014, calling it the Elliottwave. According to this observation, BTC completed the first impulse, a sharp first correction, the second impulse, a flat correction, and is now heading into the third impulse.
This leads BTC to the next ATH target of $250,000. But before BTC can work its way up to this major target, one analyst marks a price target closer to its current price, this is the target of $73,700. This anlayst suggests that a recovery is in progress for BTC and it begins with first setting a smaller ATH.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
