The price of major cryptocurrency Bitcoin (BTC) could soon reach six figures if this pattern plays out as expected. The vision of crypto investor and analyst, known in the community by the nickname Eljaboom, suggests such a possible development.
Thus, reacting to the approaching golden cross on the hourly chart of Bitcoin, Eljaboom asked his audience whether they think it is possible for the main cryptocurrency to reach the coveted $100,000 mark. In addition, the analyst outlined the path that the price of BTC could take if such a scenario were to materialize.
BTC Golden Cross Approaching 👀
$100,000 is coming sooner than you think? #Bitcoin pic.twitter.com/U3ochaHAW2
— Elja (@Eljaboom) October 24, 2024
It is necessary to note that the golden cross is a crossing of moving averages, when a smaller moving average, such as the 50-day one, crosses a larger one, such as the 200-day for example, from below to above. However, when the opposite occurs, it is called a death cross.
Bitcoin crosses
The last time the price of Bitcoin formed a golden cross was in November last year, at a price of around $33,000 per BTC. After its formation, the major cryptocurrency soared more than 116%, reaching a high of $74,000 in March 2024, a new all-time high.
Prior to the formation of the death cross in August 2024, the price of BTC rose 77.5%, with the golden cross ending at $61,000 per Bitcoin.
While a golden cross may indeed precede a rise in the price of Bitcoin, it by no means means that a six-figure value will be reached in a single candle. The cryptocurrency market is still subject to serious manipulation and is flooded with big players, who do not need extra passengers on their way to $100,000.
