- Bitcoin closed Sunday and formed a ‘Golden Cross,’ a chart pattern where the 50-day moving average crosses above the 200-day moving average.
- Peter Brandt stated that Bitcoin has bottomed out but won’t reach its all-time high (ATH) until the third quarter of 2024. Additionally, the increase in trading volume confirms the pre-halving bull run for Bitcoin.
- Matrixport research predicts Bitcoin’s price will reach $45,000 in 2023 and $125,000 in December 2024 after the halving.
The Bitcoin price chart has officially formed the Golden Cross pattern: Why is this pattern important? What does the current S2F model indicate for Bitcoin?
Bitcoin Officially Forms Golden Cross Model
Bitcoin’s price officially formed a ‘Golden Cross’ on October 30, and if historical data is considered, it seems that BTC’s price will reach an all-time high (ATH) during Bitcoin’s halving event next year.
Investors and institutional investors following BTC chart patterns have made significant investments over the last two weeks, anticipating a historic ‘Golden Cross’ toward the end of this year and an expectation that the U.S. Securities and Exchange Commission (SEC) will likely approve a spot Bitcoin ETF.
Bitcoin closed Sunday and formed a ‘Golden Cross,’ a chart pattern where the 50-day moving average crosses above the 200-day moving average. This has occurred a few times in Bitcoin’s history, with the most recent instance happening in February 2023.
This month, BTC’s price saw a notable rally of 30% thanks to expectations of the U.S. SEC approving a spot Bitcoin ETF this year and a ‘Golden Cross’ chart pattern. The rally followed months of sideways trading due to regulatory pressures, low trading volume and liquidity, and came after FTX’s collapse.
In fact, legendary trader Peter Brandt stated that Bitcoin has bottomed out but won’t reach its ATH until the third quarter of 2024. Furthermore, the increase in trading volume confirms the pre-halving bull rally for Bitcoin, with the halving expected to take place in April 2024. However, experts predict that the ATH will occur after the halving.
Matrixport research predicts that Bitcoin’s price will reach $45,000 in 2023 and $125,000 in December 2024 after the halving. According to Matrixport, the next bull market is based on institutional adoption.
The recent influx of crypto funds is notable, indicating significant cryptocurrency purchases by institutional investors, with a total of $807 million entering crypto funds in the past four consecutive weeks. The weekly Bitcoin inflow for the past week was $55.3 million.
According to the S2F model, it’s time to buy
PlanB, the creator of the Bitcoin Stock-to-Flow (S2F) model, says it’s time to buy Bitcoin in anticipation of the halving. The S2F model suggests that the beginning of the period that historically outperforms the buy and hold strategy (six months before the halving to 18 months after) starts on October 31.
In the past 24 hours, the BTC price increased by 1% and is currently trading at $34,670. The low and high values in the last 24 hours were $34,175 and $34,743, respectively. Furthermore, trading volume increased by 70% in the last few hours.
