Bitcoin’s golden cross is here – countdown to a new record as from now, or not?
Last Updated on 1 November 2024 by CryptoTips.eu
Exaclty one week after we announced it, the time has indeed come. Bitcoin’s daily chart shows a new ‘golden cross’ thanks to the rise above $72,000 earlier this week. This means that the months of November and December could possibly become a lot of fun for crypto investors.
ETF
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.
Bitcoin indeed made all the business headlines this week as the largest digital currency stayed just shy of the All Time High. The various American (in China it is less popular) Bitcoin ETFs also saw a large influx of fresh money from Wall Street (just as we predicted) because of that golden cross.
What now?
Two scenarios are possible from now on: either Bitcoin indeed rises to its All Time High of $74,000 and quickly passes it in one go, probably to hit a new ceiling around $80,000. From then on, $100,000 is the next goal.
Should Donald Trump win the election on November 5 and the Federal Reserve announce a further long-term interest rate cut on November 7, this is a likely scenario.
The other scenario is that the sellers take the upper hand and want to protect their profits. In that case, Bitcoin would drop to $65,000. Support can be found around the 50-day moving average at $63,250 and the new critical support line of $60,000.
