Bitcoins’ ‘Golden Crossover’ Suggests Short-Term Gains
By Tyler Smith – Cryptocurrency Expert
Those buying and selling Bitcoin (BTC) have witnessed the crossing over of the 50 day and 200 day moving averages this week. Cointelegraph Markets analyst, Keith Wareing, predicts the price reaching could reach as high as $26,000 in just two months as the last time this event occurred, Bitcoin rose by 170% in two months.
On February 18th, the community saw Bitcoins’ climbing 50 day moving average cross over its 200-day moving average. Referred to as the ‘golden cross’, the occurrence is not common in the cryptocurrency trading space. Despite BTC/USD having fallen by nearly $1000 this week, Wareing remains positive on the market’s short-term gain potential and suggests now is the period to buy Bitcoin.
The previous time this phenomenon took place, Bitcoin rose by 170% in two months he stated. He adds that with the current market conditions and price levels of around $9,800, Bitcoin had maintained support for a complete bullish rising price triangle.
The ‘golden cross’ puts Wareing as the third significant cryptocurrency figure to suggest major short-term profits this month. Cointelegraph had reported a similar forecast by Fundstrat’s Tom Lee earlier, with his quote putting the price of Bitcoin near $27,000 by August. In echo of this sentiment, venture capitalist and CEO of Galaxy Investment Mike Novogratz, stated that the BTC/USD pair could retest its all-time peak of $20,000 after the block’s reward halving in May.