- Bitcoin price approaches a golden cross formation.
- Analyst sees the pioneer crypto asset reach multiple critical aspects.
- He says that a big bounce for Bitcoin is inevitable.
The price of Bitcoin dipped towards the $80,000 price range and is now standing at the $82,000 price range. The inexplicable continuation of the crypto market continues to haunt the crypto community. Despite the dip, Bitcoin price approaches a golden cross formation, analysts hope to see a big BTC bounce on the horizon.
Bitcoin Bounce Coming?
As we can see from the post above, this analyst expects a big bounce coming for Bitcoin (BTC). To highlight, the analyst stresses the importance of the 38.2% Fibonacci retracement in a bull market and says that BTC is heading there. He marks this critical level as the first stop that could allow BTC to price to hold a bullish level to keep the bull market going.
Bitcoin Approaches Golden Cross Formation
Meanwhile, the same analyst shares in another post, as we can see from above, Bitcoin’s short-term update. Here, the analyst says a golden cross is about to occur on the daily chart, which is signaling a potential bullish momentum. Presently, BTC is trading below all Ichimoku lines which shows a sign of weakness.
Therefore, the analyst concludes that a breakdown from the symmetrical triangle could lead to a lower price. However, if the Golden Cross formation continues to play out, then a more bullish outcome can be expected from the price of Bitcoin (BTC) and the greater crypto market.
