Bitcoin Price Trends

The price of major cryptocurrency Bitcoin (BTC) might soon reach six figures if a certain pattern materializes, according to crypto investor and analyst Eljaboom.

Eljaboom responded to the impending golden cross on Bitcoin's hourly chart, asking his audience if they believe Bitcoin can reach the esteemed $100,000 mark. He elaborated on the potential price path BTC could take if this scenario unfolds.

Golden Cross Explained

A golden cross occurs when a small moving average, like the 50-day average, crosses above a larger one, such as the 200-day average. In contrast, when the smaller average crosses below the larger one, it's known as a death cross.

Historical Context

The last significant golden cross for Bitcoin happened in November 2023, when BTC was priced around $33,000. Following that event, Bitcoin surged by over 116%, reaching $74,000 by March 2024, marking a new all-time high.

Prior to the death cross in August 2024, Bitcoin's price climbed by 77.5%, with the golden cross concluding at $61,000.

While a golden cross may signal a potential increase in Bitcoin's price, it does not guarantee that the cryptocurrency will reach six figures in one surge. The market remains highly manipulable, influenced by large players who may not welcome additional participants on the path to $100,000.

This article was originally published on U.Today