Golden Cross May Rocket Bitcoin Price to $100,000, Says Analyst

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As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I have seen my fair share of bull runs and bear markets. The recent tweet by Eljaboom about Bitcoin reaching six figures has piqued my interest. While I am not one to make rash predictions without solid evidence, the golden cross pattern he mentioned is a significant technical indicator that often precedes price increases in the long term.

According to crypto investor and analyst Eljaboom, who is well-known within the community, it’s plausible that the value of Bitcoin (BTC) could potentially soar into six figures if current trends continue as forecasted.

Therefore, in response to the impending golden cross appearing on Bitcoin’s hourly chart, Eljaboom posed a question to his followers about whether they believe Bitcoin can reach the anticipated $100,000 value. Furthermore, the analyst provided an explanation of the potential price trajectory for BTC if this scenario were to occur.

BTC Golden Cross Approaching 👀

$100,000 is coming sooner than you think? #Bitcoin

— Elja (@Eljaboom) October 24, 2024

It’s important to point out that the golden cross represents an intersection of moving averages in a financial chart. Specifically, when a shorter period average, like the 50-day, goes over a longer one, such as the 200-day, it is referred to as a golden cross. Conversely, if the reverse happens, where the shorter period average goes under the longer one, it’s known as a “death cross.

Bitcoin crosses

Previously, Bitcoin’s price created a golden cross back in November of the preceding year, with each BTC costing approximately $33,000. Following this occurrence, the leading cryptocurrency experienced a surge of over 116%, peaking at an unprecedented high of $74,000 in March 2024 – a new record-breaking value.

In the summer of 2024, before the ominous appearance of a death cross, I observed an impressive surge in the value of Bitcoin, amounting to a staggering 77.5% increase. This price rally culminated at an astounding $61,000 per Bitcoin, following the optimistic golden cross event.

While a golden cross may indeed precede a rise in the price of Bitcoin, it by no means means that a six-figure value will be reached in a single candle. The cryptocurrency market is still subject to serious manipulation and is flooded with big players, who do not need extra passengers on their way to $100,000. 

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2024-10-24 17:44