Bitcoin Poised for First ‘Bull Cross’ Since 2016: A Significant Market Indicator

Crypto News- Bitcoin (BTC) finds itself on the brink of an extraordinary bullish shift, a phenomenon unseen in the past eight years, with its current ticker showing a dip to $46,689. The cryptocurrency is edging close to the $50,000 mark, propelled by the ongoing resurgence in the crypto market. The buzz around the debut of the first U.S. Bitcoin exchange-traded fund (ETF) is steering the current price dynamics, even though achieving new all-time highs seems distant.

Bitcoin Poised for First ‘Bull Cross’ Since 2016: A Significant Market Indicator

In a recent social media post on X (formerly Twitter) dated January 9, the reputable commentator known as Moustache brought attention to a noteworthy development in BTC’s price. This involves an imminent crossover of the 21-period exponential moving average (EMA) and the 50-period simple moving average (SMA) on three-week timeframes. This distinctive crossover, absent since 2016, has historically resulted in robust short-term price performance, culminating in Bitcoin reaching its previous all-time high of $20,000 in December 2017.

Bitcoin’s Imminent Bullish Signal: Rare Chart Move Unseen in Eight Years Sparks Market Speculation

Moustache highlighted a ‘buy signal’ in the super indicator, underlining the rarity of such signals. While Bitcoin maintains its position near the highest levels since April 2022, various indicators, including the daily relative strength index (RSI) and Bollinger Bands, suggest the potential for further upward movement. Nevertheless, skeptics, such as X trader Il Capo of Crypto, foresee a decline post-ETF, projecting potential downside targets as low as $12,000 in the future. The market awaits the ETF decision by January 10, with diverse opinions emphasizing the uncertainty surrounding Bitcoin’s immediate and long-term trajectory.