Rocket

2024

Bitcoin

when

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The price of major cryptocurrency<a href="https://u.today/michael-saylor-intrigues-with-faster-bitcoin-tweet-as-btc-price-shoots-up" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> could soon reach six figures if this pattern plays out as expected. The vision of crypto investor and analyst, known in the community by the nickname Eljaboom, suggests such a possible development.
Thus, reacting to the approaching golden cross on the hourly chart of Bitcoin, Eljaboom asked his audience whether they think it is possible for the main cryptocurrency to reach the coveted $100,000 mark. In addition, the analyst outlined the path that the price of BTC could take if such a scenario were to materialize.
<blockquote class="twitter-tweet">
 BTC Golden Cross Approaching 👀 $100,000 is coming sooner than you think? <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/U3ochaHAW2" rel="noopener noreferrer nofollow">pic.twitter.com/U3ochaHAW2</a>— Elja (@Eljaboom) <a href="https://twitter.com/Eljaboom/status/1849331633465200765?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 24, 2024</a>
</blockquote>
It is necessary to note that the golden cross is a crossing of moving averages, when a smaller moving average, such as the 50-day one, crosses a larger one, such as the 200-day for example, from below to above. However, when the opposite occurs, it is called a death cross.
<h2 dir="ltr" id="bitcoin-crosses">Bitcoin crosses</h2>
The last time the<a href="https://u.today/bitcoin-based-exsat-network-xsat-announces-mainnet-launch" rel="noopener noreferrer nofollow">price of Bitcoin</a> formed a golden cross was in November last year, at a price of around $33,000 per<a href="https://u.today/bitcoin-to-hit-new-all-time-high-in-30-days-says-top-analyst" rel="noopener noreferrer nofollow">BTC</a>. After its formation, the major cryptocurrency soared more than 116%, reaching a high of $74,000 in March 2024, a new all-time high.
Prior to the formation of the death cross in August 2024, the price of BTC rose 77.5%, with the golden cross ending at $61,000 per Bitcoin.
While a golden cross may indeed precede a rise in the price of<a href="https://u.today/222-million-in-bitcoin-btc-shift-hands-as-price-nears-67000" rel="noopener noreferrer nofollow">Bitcoin</a>, it by no means means that a six-figure value will be reached in a single candle. The cryptocurrency market is still subject to serious manipulation and is flooded with big players, who do not need extra passengers on their way to $100,000. <a href="https://u.today/golden-cross-may-rocket-bitcoin-price-to-100000-says-analyst" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Golden Cross May Rocket Bitcoin Price to $100,000, Says Analyst

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