Fidelity Highlights Bitcoin Golden Cross: Is a 70% Surge on the Horizon?

Bitcoin may be on the verge of a new bullish cycle, according to technical indicators closely followed by market analysts.

Fidelity Digital Assets, a division of the renowned investment firm, has been closely examining the technical developments in the cryptocurrency market.

In a recent analysis shared on X, formerly known as Twitter, Fidelity highlighted the potential emergence of another golden cross. This term refers to the intersection of the 50-day moving average (50DMA) with the 200DMA. Typically, when the shorter-term 50DMA crosses above the longer-term 200DMA, it is viewed as a bullish signal, suggesting a strengthening of upward price momentum.

As seen in the past, this technical pattern can be quite valuable. On October 29, 2023, BTC last experienced a golden cross, with the price at that time sitting around $34,500. Following this crossover, Bitcoin rallied sharply to $60,900, an impressive 76.5% increase.

Now, as small-cap stocks continue to struggle and the broader market shows signs of fatigue, attention is turning to another potential market shift following yesterday’s reversal of the death cross and a closing price of $69,800 for Bitcoin.

“Bitcoin’s last golden cross on October 29, 2023, pushed prices from $34.5k to $60.9k—an increase of 76.5%. Now, investors may be witnessing the start of a new market shift following yesterday’s reversal of the death cross and a closing price of $69.8k,” said Fidelity Digital Assets.

A pesar de que la cruz dorada no garantiza la continuación de un repunte, se suele utilizar junto con otros indicadores para medir el sentimiento del mercado. Ahora mismo, a Bitcoin se le da mejor precio que las principales medidas del movimiento y muestra signos de fuerza técnica.

Los inversores están atentos para ver si se confirma otra escalada sostenida.

A medida que el mercado de criptomonedas sigue madurando, las señales como la cruz dorada, especialmente cuando las destacan instituciones importantes como Fidelity, siguen siendo herramientas útiles tanto para los inversores institucionales como para los minoristas que intentan navegar por la volatilidad de los activos digitales.