Bitcoin completed the Golden Cross. What next?

[n0ne]

A very important technical indication has happened yesterday. With the price moving above $5500 bitcoin completed the Golden Cross. It is the pattern indicating for a major price rally, where the short term moving average crosses the long term moving average which confirms for a short term price rally. This price rallying could take the price reach $7000 - $8000.

Note : Short term moving average - 50 day moving average
            Long term moving average - 200 day moving average

For now it is good to look upon the good that is happening with bitcoin and make the decision and not to get into FUD or fall to the FOMO.

[1714093463]

1714093463

[1714093463]

1714093463

[1714093463]

1714093463

[1714093463]

1714093463

[thecodebear]

It just confirms what we already knew since the night of April 1st, the bull run has started.

[crairezx20]

You don't need any technical analysis here just compare the price movement from the past(2016) so the price should be increasing these coming months.

$7,000 to $8000 is possible to reach under 4th quarter of 2019 so around November or December we will see this price.

[YuginKadoya]

probably gaining even more momentum on the price as we are now, The Bullish market is starting even though we already seeing the slow pace volatility it is still reliable that this movement is a bullish movement And a probability that we can get to $6000 USD is the thing people right now are waiting, I guess we can get to that mark at the middle of May, Even though there is resistance, We still have a shot to make it even bigger with the price that is the possibility that the price of bitcoin will make it even big right now that the bull run is starting.

[mindrust]

The last golden cross happened in 26 October 2016 and the price was around $300 at that time. I went up 66 times from $300 to $20k. There was another golden cross happened in 2015 however. So golden cross doesn't always mean we'll moon right away.

This golden cross we have now very well may be a fake. If it isn't a fake one and we can replicate what happened during the last bull run, we may find bitcoin at $350k in a few years.

[hugeblack]

Do not forget the level of resistance at $ 6000, it is not easy to be broken through technical analysis without the need for good news or a large increase in demand.
So 7000$ is possible this Year (200 days) but I do not think this will happen in the near future (50 days.)
The next point is stability at the $ 6000 barrier, I expect to remain at $ 5000 for several days.

[BitcoinHodler]

the important thing in my opinion is that the more rises we have the more confidence is going to come back to the market helping with the subsequent rises. for now there are still people have fallen for the FUD thinking we still are in a bear market whereas the actual bear market ended months ago. and as these people slowly wake up and realize their mistakes they start coming back to correct their wrongs and that adds to the already ongoing buy support and pulls the price higher with a stronger force.
the result is that resistances are no longer a matter of concern anymore specially at these low levels at the beginning of the rise.

[Gaaara]

You don't need any technical analysis here just compare the price movement from the past(2016) so the price should be increasing these coming months.

$7,000 to $8000 is possible to reach under 4th quarter of 2019 so around November or December we will see this price.

I agree, no need for further analysis since it was already indicated that it will go up this coming months I believe that it will continue but will stop at the same month that you indicated since over the past years November and December are the struggling season for bitcoin price.

[buwaytress]

Sorry to be the dumbass but didn't we already cross this bridge like a week or two ago? Probably at least 5 or 6 threads about it, and then a few analysts on cnbc hyping that up since it hadn't happened since 2015. Then of course everything got Bitfinex'd all over again and people forgot to be optimistic.

I don't know. I still have a lot of resistance towards the idea of another parabolic rise in 2020, much less this year. But you can't discredit the power of momentum I guess. All I want is a more sustainable high when it comes. I fear if we rise too fast, the fall will be swifter, more painful, and more prolonged.

[Adriano2010]

I think the price will continue grow even if China will stop mining, maybe we will have some drop if miners from China will sell, but i think in 2020 is possible a bull run before halving.

[exstasie]

You don't need any technical analysis here just compare the price movement from the past(2016) so the price should be increasing these coming months.

The situations aren't very similar (yet). It's too early for these comparisons.

In late 2015 we broke above established long term resistance from 2014 ($350+) and then we consolidated above that resistance for the first half of 2016. That's what established the bull market.

The analogy here would be if we broke above the $6K area and then consolidated above it for several months. In my opinion, we're more likely to fail at this resistance area and fall back to the $4,000s. Let's wait and see.

[2chase]

I think that in the course of the next month or one and a half the price of Bitcoin can finally exceed the mark of 7000 dollars. This will be a completely natural continuation of the trend that is now taking place. 7000-7500 dollars by mid-June - this is my prediction for this period.

[leowonderful]

Seems like most people are already past the Bitfinex FUD considering we're right back up at $5800 after falling to $5500 today, and the speed of the bounce we had today makes me somewhat optimistic that we're going near or above $6000 soon. I too find it somewhat unlikely we'll make a new ATH price this year, but then again we were at the low $3000s earlier this year and we're not even halfway through the year yet. The trend's currently up and I don't see it changing in the short term.

[BitHodler]

I don't know. I still have a lot of resistance towards the idea of another parabolic rise in 2020, much less this year. But you can't discredit the power of momentum I guess. All I want is a more sustainable high when it comes. I fear if we rise too fast, the fall will be swifter, more painful, and more prolonged.

Well, if you're just hodling not much will change considering that you are only interested in the very long term. Short term speaking, the current market offers a decent trading opportunity for those looking to exploit it.

I am quite sure that we aren't ready yet for a +$6000 move. I don't mind being proven wrong despite my short position, but we have seen these rises before, and they never ended well for those chasing moon levels.

Something that we also have to take into consideration is the fact that most people aren't confident in a $6000 break, so based on that it would be a sweet counter move if it did turn out to break $6000.

[daarul50]

It's true that a golden cross has happened. However, it does not resemble that a bull run will occur in the near future. Need some candle confirmation to state that a bull run will happen soon. Until now, I am still monitoring the price movements of bitcoin, hopefully, the confirmation will be found soon.

[UNOE]

If you compare first golden cross from last bear market, you will see that golden cross was failure, but second golden cross was right one. We could copy same scenario, which would mean that we have to test lows again, but i can not tell that for sure, especially because of differences between this bear market and last bear market. I agree with OP where he says, do not FOMO! Market is very generous at giving second chances.

[crzy]

I think the price will continue grow even if China will stop mining, maybe we will have some drop if miners from China will sell, but i think in 2020 is possible a bull run before halving.

They will not leave, because its better for them to relocate their business. We still need to surpass the resistance level o $6000 and we should not celebrate as much right now since it can still be a bull trap. I beleive that if we go beyond $6k then the price will start to pump higher until we reach the level of $10k this year.

[Pursuer]

If you compare first golden cross from last bear market, you will see that golden cross was failure, but second golden cross was right one. We could copy same scenario, which would mean that we have to test lows again, but i can not tell that for sure, especially because of differences between this bear market and last bear market. I agree with OP where he says, do not FOMO! Market is very generous at giving second chances.

actually despite having no reason to be similar this bear market (in 2018) has been very similar to the last one (in 2014). they both happened in the same size of nearly 85% drop from the ATH. they both took nearly the same amount of time of about a year and the patterns of the drop was very similar too with the big drops and slow downs and then the bottom being the result of a big FUD not because of the downtrend.
if the market participants continue to believe in repetition, then we will see the same bull run as 2015 too which means by the end of the year price has to be at least $9k.

[GregH37]

You don't need any technical analysis here just compare the price movement from the past(2016) so the price should be increasing these coming months.

$7,000 to $8000 is possible to reach under 4th quarter of 2019 so around November or December we will see this price.

If the rally really picks up so fast, I do think that we might even touch that value in this second quarter, for 4th quarter, we have too many great projects aligned up and set to operate in the market that will give the crypto market a head boost.

This boost expected to be created by these fundamentals could lead bitcoin to experience a mini bull that will push the price of bitcoin to reach as high as $15000 by the end of the year, so the market will continue to remain green from now on and bitcoin price will at least be climbing by at least $500 henceforth every month.

[jossiel]

$7,000 to $8000 is possible to reach under 4th quarter of 2019 so around November or December we will see this price.

I'm thinking of more than that, around $10000 but yeah, we'll see on how the market would react after this and how much it will extend by the end of this year. Divided opinions everywhere and I'd like to think that this is actually the start of what we're waiting for.

It just confirms what we already knew since the night of April 1st, the bull run has started.

I want to see more before confirming that.