Bitcoin has formed an important “Golden Cross” technical pattern, where its 50-day moving average crosses above its 200-day moving average on the price chart. Historically, this signals a major bullish turn in the Bitcoin market and often precedes significant upside moves.
The last time Bitcoin printed a Golden Cross was back in February 2023. Now in October, Bitcoin’s price rallied over 30% in anticipation of a potential approval of a spot Bitcoin ETF by the SEC this year. The increased trading volume and market interest confirm an incoming bull run is likely ahead of the important Bitcoin halving expected in April 2024.
Experts are optimistic Bitcoin will surge to a new all-time high after the next halving occurs, which will reduce the bitcoin mining rewards. Matrixport, a leading crypto financial services firm, predicts Bitcoin’s price could reach $45k in 2023 and then surge to $125k by December 2024 following the halving. The firm believes the next bull cycle will be driven by increased institutional adoption.
Recent data shows significant cryptocurrency fund inflows from institutional investors, with four consecutive weeks of inflows totaling an impressive $807 million. Just last week, the weekly inflow into Bitcoin funds hit $55.3 million, confirming institutional interest is ramping up.
Legendary trader Peter Brandt believes Bitcoin has bottomed, but is cautious in predicting Bitcoin won’t hit a new all-time high until Q3 of 2024. Meanwhile, PlanB, creator of the widely-followed Bitcoin stock-to-flow model, says now is the ideal time to buy BTC at low prices before the next halving rally kicks into high gear.
In the last 24 hours, Bitcoin’s price increased 1% to around $34,600. Trading volume has surged by over 70% in recent hours as momentum continues to build.
