Bitcoin has risen by 5% from $5,200 to $5,600 with the biggest and oldest cryptocurrency handling some $16 billion in total trading volumes for the past 24 hours.
Its market cap is close to overtaking $100 billion for the first time since November 2018, about five months ago.
After reaching a low of $3,000, bitcoin has almost doubled since December with most of the gains this month. Up from $4,000 to not far off from $6,000.
There has been a golden cross (pictured above on daily candles), indicating the bear market might indeed be over. A technical analysis site says:
“The golden cross is a candlestick pattern that is a bullish signal in which a relatively short-term moving average crosses above a long-term moving average.
The golden cross is a bullish breakout pattern formed from a crossover involving a security’s short-term moving average (such as the 15-day moving average) breaking above its long-term moving average (such as the 50-day moving average) or resistance level.
As long-term indicators carry more weight, the golden cross indicates a bull market on the horizon and is reinforced by high trading volumes.”
In far more simple terms, price has been moving downwards and that has been the dominant trend for close to a year and a half.
Recently price has been moving upwards, forming a new dominant trend. For some time the two have been metaphorically fighting, but the upwards trend has just overtaken the downwards trend.
Naturally that makes kids very excited with golden memes hopefully soon to follow, but just because there has been a golden cross, doesn’t mean price might not fall a bit because one has to work with probabilities.
There’s another interesting long term formation on the bitcoin chart. It looks like there’s a cup and handle. If that is the case, then probabilities say the price will rise and perhaps parabolically, with parabolically here being maybe $10,000.
That’s what the 4chan guy said. Is it true? We’ll find out by July, but there appears to be a general sentiment change. There’s some hope and/or optimism that perhaps crypto winter has gone and now summer is coming.