Bitcoin (BTC) has just posted its first golden cross since September 2021. VentureFounder, a crypto trader that provides analysis on Cryptoquant, tweeted excitedly about the event.
According to the analyst, a potential correction in a bearish scenario might see BTC retest $20K, while on the other hand, in a bullish case, Bitcoin might test $25K next. Once the $25K barrier is flipped into support, “it’s the nail in the coffin for the bears.”
#Bitcoin goldencross just happened!
This potential correction could see #BTC retest $20k (#200DMA and key support), then in the bullish case, test $25k next.
Make $25k support and it’s nail in the coffin for the bears. pic.twitter.com/baPFOTECCG
— venturefoundΞr (@venturefounder) February 6, 2023
When the moving average (MA) 50 crosses above the MA 200, a positive crossover, or “golden cross,” appears on the price chart.
Eight golden crosses have occurred in the history of Bitcoin, three of which — in February 2012, October 2015 and May 2020 — predicted price increases of between 100% and 350%.
On the other hand, the lead…