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BTC Gains 160% After 2019 Golden Cross, Will History Repeat Itself?

Published 08/02/2023, 12:55
Updated 08/02/2023, 13:15
© Reuters BTC Gains 160% After 2019 Golden Cross, Will History Repeat Itself?

  • The Bitcoin price chart shows a golden cross; will history repeat itself?

  • If the bullish trend continues, BTC might see further gains soon.

  • Recent research indicates that the Bitcoin market is thriving.

Lark Davis tweeted that Bitcoin saw 160% gains in 2019 when a golden cross formed after a prolonged slump. In the preceding 24 hours, bearish attempts to control the Bitcoin (BTC) market were short-lived after finding support around an intraday low of $22,781.95.

As a result of the favorable involvement, Bitcoin’s price climbed to a new 24-hour high of $23,367.96. As the bulls resumed their push for market control, the price of BTC rose to $23,194.19 at the time of writing, a gain of 1.17%.

The 24-hour trading volume increased by 11.50 % to $26,900,466,586, and the market cap increased by 1.14% to $447,289,607,738 due to this spike. As pessimistic emotion faded, bulls stepped in to purchase the drop, seizing market control and driving Bitcoin prices back up.

BTC/USD 24-hour price chart (source: CoinMarketCap)

To create a “golden cross” (bullish crossover), the short-term MA must rise above the long-term MA. The fact that the 100-day MA reached $23137.6…

The post BTC Gains 160% After 2019 Golden Cross, Will History Repeat Itself? appeared first on Coin Edition.

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