Renowned analyst Lark Davis says Bitcoin (BTC) just confirmed a big upside signal.
In one Video New York, Davis told his 432,000 YouTube subscribers that Bitcoin had just displayed a “golden cross,” a technical event viewed by many investors as a sign of the rally’s continuation.
“It has been confirmed. Bitcoin has made a golden cross (50-day MA crosses over 200-day MA). Especially when the price is held above these two lines. That was excellent “.
BTC / USD daily chart | Source: Lark Davis
Davis also examines historical gold crosses to see if the event is a reliable bullish indicator. According to the analyst, BTC last did this in May 2020 and recorded a 700% increase.
Davis adds that a gold cross created in April 2019 helped BTC rise 200%, while another in September 2015 helped BTC start a “big bullish rally” from $ 300 to $ 20,000.
BTC / USD daily chart | Source: Lark Davis
The analyst also looks at BTC’s first golden cross in February 2012, which saw the leading cryptocurrency jump more than 22,000% in the months that followed.
However, Davis noted that the gold cross does not necessarily guarantee the price will go up as the March 2020 (Covid) education sends the wrong signal.
“It cannot be said to be technical analysis… Covid was an unexpected macro event that caused prices to plummet so this golden cross did not help price rally but it was due to an external event.
Davis adds that another golden cross appeared in July 2014, which he believed was short-lived as the price of BTC dropped from around $ 600 to $ 150.
“Bitcoin rebounded a bit when the golden cross appeared in July 2014. This was a false signal and then a 75% drop.”
According to CoinGecko, BTC is currently trading at $ 48,235 at press time, up 25% from its 7-day low of $ 38,578.
You can see the coin prices here.
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