Cointelegraph Team
Cointelegraph
Bitcoin (BTC) can hit $26,000 in just two months thanks to a bullish event that previously triggered 170% price gains.
As noted by Cointelegraph Markets analyst, Keith Wareing, on Feb. 18, this week saw Bitcoin’s ascending 50-day moving average cross over its 200-day moving average.
Bitcoin 1-year price chart with 50 and 200-day moving average. Source: TradingView
Known as a “golden cross,” the phenomenon is a rare occurrence for the cryptocurrency. Despite BTC/USD shedding almost $1,000 in recent days, Wareing is anything but bearish on short-term profit potential.
“Last time this happened #Bitcoin pumped 170% in under 60 days,” he summarized on Twitter.
Wareing added that at press-time levels of around $9,800, Bitcoin had retained support in an overall bullish ascending price triangle.
That sentiment was echoed by fellow Cointelegraph Markets analyst, Michaël van de Poppe.
“And so, we've bounced on the green area around $9,450-9,500. That was heavily needed,” he told Twitter followers on Wednesday.
“We could still see a period of relative calm movements, before we're either attacking the highs at $10,400 or the lows at $9,500.”
In addition, the past weekend left a significant gap between two Bitcoin futures trading sessions. Historically, Bitcoin has subsequently “filled” these gaps, the implication being that this week could see a return to $10,500.
Friday’s session closed at $10,495, while Monday’s began at just under $10,000.
1 month, 3 all-time high forecasts
The golden cross makes Wareing the third prominent Bitcoin figure to forecast major short-term gains this month alone.
As Cointelegraph reported, Fundstrat’s Tom Lee believes Bitcoin could reach $27,000 by August, again thanks to price beating out resistance from its 200-day moving average.
Thereafter, venture capitalist Mike Novogratz said that BTC/USD might retest its all-time highs of $20,000 by the time of May’s block reward halving.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Will BTC reach $100K this week?
Bitcoin edges higher and trades at around $91,600 at the time of writing on Tuesday while consolidating between $87,000 and $93,000 after reaching a new all-time high (ATH) of $93,265 last week. Ki Young Ju, founder and CEO of CryptoQuant, says Bitcoin euphoria is here and shorting now could be either catching the top — or shorting at the bottom of a parabolic bull run.
Solana bulls target new all-time highs
Solana (SOL) extends its bullish momentum and trades in green at around $242.80 at the time of writing on Tuesday after rallying more than 45% in the last two weeks. On-chain data hints at further gains as SOL’s Open Interest, trading volume, and fees reach new record highs.
SEC case against Kraken gains momentum as judge dismisses appeal
A federal judge in California has rejected Kraken's request to appeal a ruling allowing the Securities and Exchange Commission (SEC) lawsuit against the cryptocurrency exchange to move forward. On Monday, judge William Orrick ruled that permitting an interlocutory appeal now would only postpone the case's resolution.
SOL Price Forecast: Solana nears all-time high as VanEck, BONK spark $2.9B inflow
Solana (SOL) price reached a new monthly time frame peak of $248 on Monday, November 18, up 60% within the last 14 days. Derivatives market trends signal potential for more upside as bulls set their sights on new all-time high.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.