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- Bitcoin (BTC) hovers at the $62,000 level yet sees no damping bullish spirit.
- Analysts notice a highly bullish golden cross formation for the pioneer crypto asset.
- BTC is now set to hit new highs starting from $73,7000 to $250,000.
Bitcoin’s dip to the $62,000 price range has done nothing to dampen the bullish sentiment taking over the crypto space. Most analysts are patiently waiting for a price pump in the cryp[to market taking Bitcoin (BTC) and altcoin prices to new ATHs in the coming months of what is to become a very bullish Q4.
Another Bullish Golden Cross Looms for BTC
As we can see from the post below, BTC printed a death cross followed by a golden cross late last year. This move propelled the price of BTC from the $24,000 price range to the $40,000 after which Bitcoin continued to pump steadily. Presently, the same pattern seems to be in play with a death cross already printed and another golden cross pattern starting to print.
#Bitcoin Weekly Golden Cross Incoming! 🌟#BTC’s current price action closely mirrors last year around this time: a fake death cross followed by a golden cross that triggered a 145% rally.
— Titan of Crypto (@Washigorira) October 7, 2024
Weekly Ichimoku golden crosses are highly significant! pic.twitter.com/GFUBeUeaTz
What’s more, the analyst in the post calls this a weekly ichimoku golden cross which can be very significant. Last time the fake death cross led to a golden cross which triggered a 145% rally for the price of Bitcoin (BTC). Similarly, another post highlights the formation of Bitcoin about to complete the golden cross pattern in the 50 days over 200 days price chart.
Triple Blow-Off Wave Loads for BTC
Triple blow-off wave incoming!$BTC 2019-2024 Elliottwave:
— Gert van Lagen (@GertvanLagen) October 7, 2024
(1) First Impulse
(2) First Correction (Sharp)
(3) Second Impulse
(4) Second Correction (Flat)
(5) Third Impulse, following step-like formation with Base 1 to 4.
Channeling method: Target of ~$250k at 5, (5) and ⑤ pic.twitter.com/dAuBzMaQo9
Meanwhile, another popular technical analyst, Gert van Lagen, observes a specific continuity from 2019 to 2014, calling it the Elliottwave. According to this observation, BTC completed the first impulse, a sharp first correction, the second impulse, a flat correction, and is now heading into the third impulse.
This leads BTC to the next ATH target of $250,000. But before BTC can work its way up to this major target, one analyst marks a price target closer to its current price, this is the target of $73,700. This anlayst suggests that a recovery is in progress for BTC and it begins with first setting a smaller ATH.