As a seasoned crypto investor with a decade of experience under my belt, I must say that the recent Bitcoin price surge and the formation of the “Golden cross” indicator have piqued my interest significantly. I remember the last time we saw such a pattern in 2013, it was followed by an unprecedented rally.
Over the last seven days, Bitcoin‘s price experienced robust growth, accumulating approximately 8-9% more, currently hovering near $72,200. Additionally, technical charts indicate a “Golden cross” pattern formation, hinting at potential record-breaking highs for Bitcoin in the near future.
Bitcoin price “Golden Cross” Indicator suggests Bullish Momentum
According to recent information from CryptoQuant, the number of active Bitcoin addresses indicates a significant change in direction since the 30-day moving average (MA) surpassed the 365-day MA, creating what’s known as a “golden cross.” This pattern typically signals an increase in price momentum.
After Bitcoin reached its peak price in March, a “death cross” pattern occurred, causing Bitcoin’s price to drop into a bearish phase. Since then, Bitcoin hasn’t managed to surpass the prices from March. However, things seem to be changing now as bulls are taking over and a new “Golden cross” pattern has emerged. Furthermore, transaction counts are almost double what they were during the 2021 cycle, suggesting increased market activity.
If the 30-day moving average (30DMA) doesn’t surpass the 365-day moving average (365DMA) more significantly, Bitcoin’s current trend could resemble the consolidation phase in mid-2021. This is a crucial timeframe for investors to focus on when evaluating long-term momentum, as it may indicate potential market behavior.
BTC Retail Participation On the Rise
In past Bitcoin price surges to record levels, both individual investors (retail) and large institutions participated actively. Lately, though, individual investor activity has been relatively low, while big players like institutions and large holders (whales) have primarily influenced the market movements.
It appears that retail involvement in the market is resuming its growth as well, and interestingly, data from the blockchain indicates a significant increase in retail interest for Bitcoin, reaching levels not seen since the past seven months.
Retail Investor Demand Hits Highest Level in 7 Months
— Maartunn (@JA_Maartun) October 30, 2024
In my analysis, I’ve observed that in regions like Europe and Canada, the value of Bitcoin has been consistently reaching new record peaks. Meanwhile, institutional interest appears to be steadfast and unwavering.
On October 30, inflows into the Bitcoin spot ETF peaked at their second highest level, and BlackRock’s IBIT took center stage entirely. In fact, since its launch ten months ago, the total inflows for IBIT have soared over $25 billion.
Meanwhile, MicroStrategy, a significant corporation with the most Bitcoins, revealed intentions to gather $42 billion and acquire even more Bitcoins. This indicates that corporate interest in Bitcoin remains strong. Global entities like Metaplanet have followed Michael Saylor’s blueprint for Bitcoin adoption. Similarly, Microsoft is contemplating a shareholder vote to incorporate BBTC onto its financial records.
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2024-10-31 11:46