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The BTC chart shows a “golden cross” occurrence which demonstrates that the Bitcoin price can shoot over 150% from the existing levels in the next six months.
On Tuesday, February 18, Bitcoin price has successfully managed to pull-back above $10,000 levels covering its weekend losses. The 24-hour chart on CoinMarketCap shows that the Bitcoin price changed the direction from $9630 surging northwards and adding over $500 in just a few hours.
At press time, Bitcoin is trading 2.79% up at a price of $10,050 with a market cap of $184 billion. Having crossed the crucial resistance of $10,000, Bitcoin has set itself on an upward trajectory.
Besides, analysts have spotted another bullish event called the “golden cross” with Bitcoin’s recent surge. The golden cross event occurs when Bitcoin’s 50-day moving average crosses its 200-day moving average. This is quite a rare occurrence for Bitcoin.
CoinTelegraph’s Market Analyst Keith Wareing wrote that last time the “golden cross” happened, the BTC price surged over 170% in a single day.
✅ Golden Cross on #Bitcoin
✅ Price sitting on support of ascending channel
✅ CME Gap target $10495
✅ Go Long or Go Home 👉🏻 https://t.co/HM2ydNaPdn
— 📈 Keith Wareing (@officiallykeith) February 18, 2020
Commenting on the price reversal, another market analyst from CoinTelegraph wrote:
“And so, we’ve bounced on the green area around $9,450-9,500. That was heavily needed. We could still see a period of relative calm movements, before we’re either attacking the highs at $10,400 or the lows at $9,500.”
Recently, Fundstrat’s Tom Lee also had a similar opinion on the next Bitcoin rally. He said that the Bitcoin price is trading above its 200-DMA which historically suggests that its price can shoot 190% in six months. Thus, Tom Lee expects Bitcoin price to hit $27,000 levels by July 2020. This will be just like two months after the Bitcoin halving event.
Overall Cryptocurrency Market Recovery
The Bitcoin price recovery comes as a majority of the cryptocurrencies turn green. Bitcoin competitor Ethereum looks strong on the charts with over 4% gains. At press time, Ethereum (ETH) is trading at $276 with a market cap of over $30 billion.
After a disappointing 2019, Etheruem has put a strong show this year in 2020. So far, the ETH price has surged over 100% year-to-date. The ETH price gains are an outcome of new development in the Ethereum 2.0 protocol that majorly aims at addressing the network’s scalability issue.