{"id":405168,"date":"2019-11-22T12:00:56","date_gmt":"2019-11-22T12:00:56","guid":{"rendered":"https:\/\/wncen.com\/?p=405168"},"modified":"2024-06-11T12:33:03","modified_gmt":"2024-06-11T12:33:03","slug":"bitcoin-key-golden-cross-price-7400","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-key-golden-cross-price-7400\/","title":{"rendered":"Bitcoin Nears Key Golden Cross as Price Falls to $7,400: Bull Case Alive"},"content":{"rendered":"

It seems that all the odds are stacked against Bitcoin (BTC) once again. Over the past few days, the leading cryptocurrency has lost the key $8,000 support level<\/a> for the umpteenth time in a matter of a few weeks, tumbling from that level to $7,400 over the past 48 hours.<\/p>\n

Related Reading: Bitcoin Price Jumped 42% Last Time It Hit This Level, and BTC Has Tapped It Again<\/a><\/h6>\n

While BTC remains a tad above the $7,300 low seen in late October, analysts suggest that the crypto market is ready to head lower. Peter Schiff, for instance, said on Thursday<\/a> that he expects for Bitcoin<\/a> to fall towards $1,000, which would mark a decline of over 85%. He backed his target by noting that the cryptocurrency is trading in the midst of an extended head and shoulders chart pattern, which is currently looking poised to breakdown.<\/p>\n

Though, a key bull indicator that is unlikely to be invalidated is approaching, signaling that there may be a bullish case for the crypto market after all.<\/p>\n

Key Bitcoin Bull Cross Approaching<\/strong><\/h2>\n

Like Jack in Titanic, it seems as though it’s over for bulls. After surging 42% in a single day’s time at the end of October, Bitcoin has retraced the entirety of that move, with bulls failing to sustain the bullish trend that could’ve formed should a drop post-surge failed.<\/p>\n

Though, this isn’t the end of the world, according to the 50-week and 100-week moving averages anyway. Analyst Crypto Bull recently observed<\/a> that these two moving averages are about to see an extremely bullish “golden cross”<\/a> in the coming one or two weeks, with the short-term average crossing above the long-term one. This implies that bulls have control of the market in the long term, not bears.<\/p>\n

Indeed, this specific golden cross seemingly kickstarted the parabolic bull run that brought Bitcoin from $1,000 to $20,000 last cycle.<\/p>\n

\n

50\/100 week ma bullish crossover in 1-2 weeks.<\/p>\n

The last time that happened:
Price was $430 (down ~62% from ATH)
A few months before the 2nd halving<\/p>\n

Now:
Price is $7,600 (down ~62% from ATH)
A few months before the 3rd halving pic.twitter.com\/CrZi37YrfG<\/a><\/p>\n

— Crypto\u0e3full (@CryptoBull) November 21, 2019<\/a><\/p><\/blockquote>\n