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October 31, 2023

Bitcoin Price Forms Golden Cross Pattern, Anticipation of All-Time High

Priya Sharma
Written byPriya SharmaWriter
Researched byNikos PapadopoulosResearcher

Introduction

Bitcoin price officially formed a “Golden Cross” on October 30, indicating a potential all-time high (ATH) in the future. Traders and institutional investors have been closely monitoring BTC chart patterns and have already made significant investments in anticipation of this historic event.

Bitcoin Price Forms Golden Cross Pattern, Anticipation of All-Time High

The Golden Cross Pattern

Bitcoin recently closed Sunday with a “Golden Cross” pattern, where the 50-day moving average crosses above the 200-day moving average. This pattern has occurred a few times in Bitcoin’s history, with the most recent instance in February 2023.

Factors Driving the Rally

BTC price has experienced a remarkable 30% rally this month, driven by two key factors. First, there is anticipation of the U.S. SEC approving a spot Bitcoin ETF later this year. Second, the formation of the “Golden Cross” pattern has generated significant market interest.

Expert Opinions

Renowned trader Peter Brandt believes that Bitcoin has already reached its bottom, but he predicts that the ATH will not be achieved until Q3 2024. Additionally, the increase in trading volumes further supports the expectation of a bullish rally before the Bitcoin halving, which is scheduled for April 2024.

Price Predictions

Matrixport research predicts that Bitcoin price will reach $45k in 2023 and $125k by December 2024, following the halving. This projection is based on the belief that the next bull market will be driven by institutional adoption.

Institutional Involvement

Recent inflows of crypto funds suggest significant buying activity by institutional investors. In the past four weeks alone, there has been a total inflow of $807 million. Furthermore, the weekly inflow of Bitcoin reached $55.3 million last week.

Time to Buy Bitcoin

PlanB, the creator of the Bitcoin Stock-To-Flow model, advises buying Bitcoin at its current low in anticipation of the halving. The model suggests that the period between October 31 (six months before the halving) and 18 months after the halving historically outperforms a simple buy and hold strategy.

Current Status

As of now, BTC price has increased by 1% in the last 24 hours and is currently trading at $34,628. The 24-hour low and high are $34,175 and $34,743, respectively. Additionally, trading volume has seen a 70% increase in the last few hours.

Conclusion

With the formation of the “Golden Cross” pattern and the upcoming Bitcoin halving, the stage is set for a potential all-time high in the future. Traders and investors are closely monitoring these developments and making strategic investments. It is an opportune time to consider buying Bitcoin, especially with the positive market indicators and expert predictions.

About the author
Priya Sharma
Priya Sharma
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Mumbai-born Priya is India's rising star in the realm of online casino guides. With a knack for fusing traditional Indian gaming narratives with cutting-edge digital dynamics, she's an essential bridge between classic and contemporary gaming for a vast Indian audience.

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