BTC ‘golden cross’ suggests gains of 170%

18 Feb 2020

Bitcoin can reach $26,000 in two months due to a bullish event that previously sparked price gains of 170%.

According to Coin Telegraph Markets analyst, Keith Wareing, Bitcoin’s ascending 50-day moving average crossed over the 200-day moving average this week. This so-called “golden cross” is rare for the world’s largest cryptocurrency by market cap.

Despite BTC/USD losing around $1,000 over the past few days, the analyst is far from bearish in terms of profit potential over the short-term.

He said on Twitter: “Last time this happened #Bitcoin pumped 170% in under 60 days.”

Wareing went on to add that at levels of approximately $9,800, Bitcoin had maintained support in an overall bullish ascending price triangle, reports Coin Telegraph.

This was mirrored on Tuesday by another Coin Telegraph Markets analyst, Michaël van de Poppe, who said on Twitter: “And so, we've bounced on the green area around $9,450-9,500. That was heavily needed.

“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.”

Furthermore, there was a substantial gap between two Bitcoin futures trading sessions over the weekend. History has shown that Bitcoin has gone on to fill these gaps, meaning there could be a return to $10,500 this week.

Friday’s session closed at $10,495, while Monday’s kicked off at just below $10,000.

This golden cross makes Keith Wareing the third renowned crypto figure to predict major short-term gains in February.

As previously reported by Coin Telegraph, Fundstrat’s Tom Lee forecasts Bitcoin may reach $27,000 by August, whilst venture capitalist Mike Novogratz stated that BTC/USD could perhaps retest record highs of $20,000 by May’s block reward halving.