A bullish technical event for Bitcoin (BTC) is anticipated soon that could propel the coin towards a long-term upward trajectory. Analyst Benjamin Cowen predicts a Bitcoin golden cross will occur in the coming days, signaling potential price rallies. Historically, this bullish indicator has coincided with significant price increases in Bitcoin, leaving investors with substantial gains.
A golden cross occurs when a short-term moving average crosses above a longer-term one, signifying a potentially bullish trend and increased market strength. Cowen emphasizes that the Bitcoin golden cross is expected to happen within days, suggesting a price trend leading to this bullish crossover on charts. This pattern has been observed in prior market cycles.
While optimistic about a potential rally, Cowen cautions against short-term pullbacks as liquidity sometimes impacts significant price shifts more than technical indicators alone.
**Key Price Levels:**
Bitcoin’s current trading price is $105,175.08, representing a 2.05% increase in the past 24 hours. However, trading volume has decreased by 12.89%, to $55.69 billion.
Bitcoin’s price action currently faces resistance around $108,000 and support at $100,000. Overcoming these levels could lead to a breakout, potentially pushing Bitcoin toward its target of $120,000. However, if the price fails to climb above this zone, it might slip towards the $100,000 psychological level.
The future price direction of Bitcoin largely depends on how market participants react to its rising prices in the coming days. However, Samson Mow, a prominent Bitcoin advocate, believes we are currently experiencing an all-time high season for Bitcoin.
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