An important positive movement in Bitcoin’s (BTC) technical analysis is about to occur, potentially positioning it for a prolonged increase in value. Notably, Bitcoin expert Benjamin Cowen has pointed out that the ‘golden cross’ formation is imminent, which could trigger a price surge.
Bitcoin golden cross signals looming bull run
Previously, the appearance of golden crosses in Bitcoin has typically occurred prior to significant price surges, resulting in substantial profits for investors.
Significantly, a ‘golden cross’ occurs when a temporary moving average surpasses a more prolonged one. Typically, this positive indicator suggests an expected rise in the long-term direction of the price pattern and market vigor.
According to Cowen’s analysis, we might witness the golden cross event soon, indicating a potential uptrend in Bitcoin’s price chart. Historically, such a pattern has been seen during market cycles.
Although he remains hopeful, Cowen advises that temporary setbacks could take place. He notes that in past situations, market liquidity, rather than merely technical signals such as the golden cross, has often influenced significant price fluctuations.
In the coming days, we might witness the Bitcoin Golden Cross. I’m planning on creating a video where I’ll discuss this event and examine past price movements following such an occurrence.
— Benjamin Cowen (@intocryptoverse) May 20, 2025
Currently, one Bitcoin is being traded for approximately $105,175.08, marking a 2.05% rise over the past day. Earlier trades saw it reach as high as $106,814.18.
Within this specified period, I observed a decrease of approximately 12.89% in trading volume, down to around $55.69 billion. It seems plausible that some investors chose to cash out and realize their profits when the price reached roughly $106,000.
Key price levels: $108K resistance and $100K support
If the golden cross signal strengthens a positive trend and investors continue to hold onto their investments rather than selling them off, it’s plausible that Bitcoin could aim for around $120,000.
To advance, the coin needs to surpass the resistance levels between $106,000 and $108,000. If it manages to rise above these levels, it might lead to a burst through the ceiling.
If Bitcoin isn’t able to surpass $110,000 after being turned down at $108,000, it might erase all the progress made during the previous week. The price of Bitcoin could potentially fall towards the significant $100,000 mark in such a scenario.
The expected cost trend mainly hinges on how market players respond to increasing prices within the next few days. Yet, a firm proponent of Bitcoin, Samson Mow, posits that we’re currently experiencing a period of record-breaking highs for Bitcoin.
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2025-05-20 13:05