Bitcoin Golden Cross on Horizon! Will BTC Price Start a Fresh Bull Run By January End?

The post Bitcoin Golden Cross on Horizon! Will BTC Price Start a Fresh Bull Run By January End? appeared first on Coinpedia Fintech News

The past few weeks have been a buzz for the Bitcoin (BTC) network fueled by high-impact events. As the crypto bear market’s dust settled down during the fourth quarter of 2023, Bitcoin bulls have been pulsating for new heights.

However, now that the United States Securities and Exchange Commission (SEC) has approved trading of several spot Bitcoin ETFs, the prior frenzy has drastically reduced as short-term holders and miners accelerate profit-taking. As a result, the Bitcoin price outlook has shifted to bearish sentiments as more analysts predict an inevitable reversal. 

Bitcoin Weekly Golden Cross the Ultimate Bullish Signal

With the spot Bitcoin ETF hype gradually waning from crypto traders’ attention, Bitcoin bulls are critically looking for something to hold onto in the near term. Furthermore, the upcoming halving event is about three months away from happening.

Luckily, Bitcoin bulls can focus on the fact that a weekly golden cross between the 50 and 200 Moving Averages (MA) has happened for the first time in its history amid the spot ETF hype. Notably, the dreaded weekly death cross has traumatized the Bitcoin bulls since the beginning of last year but has since been invalidated. As a result, Bitcoin price is much more likely to continue in a bullish outlook in the near term with inevitable corrections that will present buying opportunities.

What Next?

It is safe to say that there is always a bull market somewhere in the crypto industry. With Bitcoin price showing early signs of a possible reversal, Ethereum (ETH) is leading the altcoin market in a much-anticipated rally. Already, Bitcoin dominance has teased to drop below 50 percent in the coming months despite the notable gains made by the spot Bitcoin ETFs in the first three days of trading.