Bitcoin is once again close to a golden cross. This is a technical number much expected by analysts and generally announces an uptrend.
According to several analysts, the gold cross, or the cross between the 50-day and 200-day bitcoin moving averages, will occur in a few days. What is unusual is that this golden cross follows right after the cross of death that took place on June 29th.
According to the Rekt Capital, the bitcoin gold cross is just two days away from happening again.
According to the analyst, the formation of this technical figure invalidates the crossing of previous death. This should have taken bitcoin to $29,000, but we saw that BTC briefly ended below $30,000 (in the third week of July) and then began a new climb that currently takes it to $46,000.
What does a gold cross in bitcoin indicate?
In any case, according to Rekt Capital, we are once again in a phase of macro accumulation:
“The last time we saw a cross of death happen and a golden cross 60 days later was in 2019 and in 2019 we saw a period of macro accumulation, so the same logic extends to this scenario, a cross of death and now a cross that would essentially give us additional insight that this is actually a period of macro re-accumulation at these times, because we’re seeing consolidation. We’ve seen the 29 to 39k consolidation for a long time over several weeks, a consolidation period of several months and now we’ve gone from there and we may be seeing a sign of macro re-accumulation happening here. Therefore, a golden cross happening here would be a good sign, not necessarily that we would see more of the positive side, because we didn’t see much negative side of the cross of death”.
In short, the golden cross is a sign of bullishness, but it does not mean that an upward price explosion will occur, just as the cross of death did not lead to a downward price explosion.
What Rekt Capital is pointing out is that as long as the technical picture remains as it is, investors can be bullish for the long term.
Certainly, bitcoin is proving resistant to political and economic scenarios. In fact, the BTC did not seem particularly affected by the approval of the US Infrastructure Project, which should have put the crypto industry in a difficult position. Rather, while the US Senate was debating, the BTC touched $46,000.
Tether and Bitfinex CTO Paolo Ardoino is also optimistic:
“A return to bullish sentiment could be sweeping cryptocurrency markets today, despite headwinds, including yesterday’s hack. Bitcoin, the king of cryptography, is an unstoppable technology. This can be unpleasant for some critics who watch behind the scenes. However, they should do well to remember that this is battle-worn technology built on the most adverse conditions imaginable on the open public Internet.”
According to this view, there is no technical analysis that matters, no law that can hinder the BTC. Bitcoin is simply unstoppable.