Bitcoin's Bullish Trend Continues, Indicators and Golden Cross Adds Momentum

By: Eva Baxter

Bitcoin Market Overview

Bitcoin shows a promising financial trajectory as key moving averages like the Pi Cycle Indicator (111D-SMA), the Mayer Multiple (200D-SMA), and the Yearly Moving Average (365D-SMA) add to the bullish trend. In late 2022, these averages had dropped beneath the 200 Week Moving Average (200W-SMA) but current analysis indicates a positive shift with both 111D-SMA and 200D-SMA registering values higher than the 200W-SMA. The upward trend is reminiscent of patterns observed during the previous Bitcoin bull runs in 2013 and 2017.

Bitcoin is also on the verge of a historic weekly golden cross event that is expected to take place at the beginning of 2024. Such events, usually indicating the start of an "early bull market", are unique predictions playing out for the first time in Bitcoin's history. This bullish signal could add further upward momentum to Bitcoin's price.

The coming Bitcoin halving in April is anticipated to differ from previous ones. Experts have not disclosed the specifics behind this belief, but they opine that investors, especially retail investors, should be informed about the event. Moreover, the recent price surge spot-driven characteristics, contributing to the elusive nature of famed bull-market pullbacks, might limit the downside of this rally.