Wall Street awaits as Bitcoin forms a new golden cross

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Last Updated on 24 October 2024 by CryptoTips.eu

Every Wall Street investment fund director is likely to read an article about Bitcoin’s latest golden cross in their printed copy of the Wall Street Journal or the Financial Times next week. Even the New York Times could write about it. Analysts expect Bitcoin to post a new golden cross on its daily chart sometime next week. A very bullish signal that will normally bring in a fresh round of investments from Wall Street.

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There are two technical signals that anyone who reads a stock market chart should know, namely a ‘death cross’ and a ‘golden cross’. Whenever you see one of those two signs in a stock or a cryptocurrency, you can assume that classic investors will either take their profits and sell (in the case of a death cross), or increase their purchases (in the case of a ‘golden cross’).

 

The golden cross is formed when the 50-day average rises above the 200-day average on a chart. Investors see this as a very bullish signal because it means there are more buyers in the short term than in the long term.

The last time Bitcoin showed a golden cross on its daily chart was at the end of October last year, when the largest digital coin was trading at a price of around $35,000. If you had bought back then, you would now have made a profit of about 100%.

Since many pension and investment funds on Wall Street know the logic every time a golden cross is placed, many analysts expect a fresh round of capital for Bitcoin at that time. So you know what to expect next week. Please note that geopolitics and unexpected circumstances have an influence, as always. Invest safely everyone.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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