Bears Beware: Bitcoin To Enter “Bucking Bull” Phase
2023年2月10日 - 08:46AM
NEWSBTC
Bitcoin formed a historically bullish pattern when its 50-day
moving average crossed above its 200-day moving average. According
to an analyst from on-chain analytics firm Jarvis Labs, this
pattern is known in the market as a golden cross and forecast price
appreciation in the coming months. Bitcoin’s last golden cross took
place in 2021 and seems far in the rearview mirror for investors.
At this time, the crypto was able to drive the bullish wave to new
all-time highs (ATH). 510 days ago, in September 2021,
Bitcoin saw a golden cross before hitting a low of $29,000. After
that, The most prominent cryptocurrency in the market climbed to
never explored territory in November 2021, surging 45% since that
time. Related Reading: Why Ethereum Could Present Unique
Opportunity For Investors If It Drops Below $1,600 In 2015, Bitcoin
soared 6566% to an all-time high of $20,000. In April 2019, Bitcoin
rose 154% and reached $14,000 when the price action saw a golden
cross as it did today. Furthermore, in 2021 Bitcoin surged 45%
after the golden cross effect materialized and reached its latest
and current all-time high of $69,000. But can Bitcoin confirm a new
bullish macro? The Bucking Bull A recent newsletter from the
Jarvis Labs team and its crew member under the pseudonym “JJ the
Janitor” reviewed the macroeconomic environment and how the crypto
market is positioned when the golden cross materializes on the
Bitcoin charts. The analyst stated: The “Golden Cross” can be
thought of as the first blossoms of spring. It occurs when the
50-day moving average rises above the 200-day moving average. Every
time this has happened to Bitcoin, it has confirmed that a new
macro bullish trend is underway. The 50-day ($19,820) has just
surpassed the 200-day ($19,720), creating Bitcoin’s first “golden
cross” since September 2021. The green line represents the 50-day
Moving Average (MA), and the red line the 200-day MA. According to
Jarvis Labs, prices drop soon after each cross, causing a “brutal
shake-out in the market” before it reaches new highs. This market
shake-out allows the new trend to cement before the arrival of a
“full-blown” bull market. Before the bull run took over the
market in September 2021, allowing the price of Bitcoin to reach
the milestone of $69,000 from $48,000 (when the golden cross event
occurred), BTC saw a minus -20% retracement sending it below
$40,000. The DXY Has Confluence With A New Bitcoin Bull Market The
U.S. Dollar Index (DXY) has been in a downtrend since Q4 2022.
According to Jarvis Labs, since the dollar has an inverse
correlation to crypto, the former’s downtrend could open the gates
for an “early 2023 crypto rally.” Related Reading: Monero
Ready To See More Losses? XMR Drops Below Crucial Support The DXY
dropped 12% from its September 2022 high of 114.80 to 100,80.
Meanwhile, Bitcoin climbed from the floor of $16,000 to over
$24,000 by the end of January. For Jarvis Labs, the DXY’s
trend confluences with the idea of a crypto bull market. However,
the nascent asset class could experience a “strong shake-out”
before going full throttle. In addition, the Jarvis Labs team
has seen the return of large whale wallets, which signals big money
has been accumulating since to start of 2023. The analyst
stated the following about the chart above and its potential
bullish implication for Bitcoin: This syncs with our “bucking bull”
theory that there will be additional upside, but also more
volatility in the time to come. Bitcoin has dropped in the last 24
hours, down 4.1% since yesterday, and recorded a 7.4% retracement
in the last seven days. Featured image from Unsplash, charts
from TradingView.
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