Last week, Bitcoin (BTC) suddenly shot higher, surging from $7,300 to $10,500 in under 24 hours’ time in a monumental move. One minute, the cryptocurrency was down in the doldrums; the next, it was trading sky-high in a move that the optimists said would lead to a rally to $20,000 and beyond.<\/p>\n
Despite the lofty sentiment, Bitcoin<\/a> has cooled since then. As of the time of writing this article, the cryptocurrency is trading at $9,000 \u2014 some 15% lower than the recent high \u2014 and seems poised to break down further over the next couple of days.<\/p>\n One analyst has gone as far as to say<\/a> that unless\u00a0BTC clears the $10,300 region, which is an important historical level, there is no need to get too excited. In fact, he went as far as to say that the recent move is \u201cjust a bearish retest,\u201d and that \u201cnew local lows\u201d are still on the table.<\/p>\n But a key technical pattern that may indicate that the long-term Bitcoin bull case is back on is poised to form in the coming weeks, something that may fuel investors leaning long on digital assets.<\/p>\n Trader and CoinTelegraph contributor FilbFilb recently noted that while analysts are making much ado about a death cross, investors should not be worried about Bitcoin’s prospects.<\/p>\n He argued in a recent Twitter thread<\/a> that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses. As Filb’s chart below depicts, the last time the 50-week crossed above the 100-week, Bitcoin rallied for months straight, surging to fresh highs month in, month out. Historical precedence would suggest the same is about to happen… again.<\/p>\n Sure the 50\/200 DMA $btc<\/a> death cross is getting everyone super bearish but End of Nov\/ Start of Dec the 50\/100 WMA is due to cross which is far more significant. pic.twitter.com\/ifGWguAtd5<\/a><\/p>\n — filbfilb (@filbfilb) October 30, 2019<\/a><\/p><\/blockquote>\nRelated Reading:\u00a0A Chinese Blockchain Day? October 24 Proposed as Day to Celebrate Tech Behind Bitcoin<\/a><\/h6>\n
Impending Bitcoin Signal Implies Long-Term Uptrend Forming<\/h2>\n
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