Bitcoin Golden Cross Suggests Potential Surge To $229,000 – Details
Bitcoin Golden Cross Signals Potential Surge to $229,000, Says Analyst
Summary: Bitcoin (BTC) remains range-bound following its all-time high in May, but a technical bullish signal has stirred renewed optimism. Market analyst Trader Tardigrade points to a recent golden cross formation as a harbinger of a potential rally toward $229,000.
Background: Bitcoin Stalls Below ATH Despite Bullish Setup
Bitcoin has traded within a tight range between $103,000 and $110,000 over the past month, showing minimal growth after reaching an all-time high of $111,931 in late May. This consolidation phase has been characterized by strong selling pressure, delaying further price discovery.
Amid this consolidation, renowned crypto market analyst Trader Tardigrade remains optimistic. On June 14, he shared a bullish outlook via X, citing a promising technical pattern in the BTC chart that could suggest a coming surge.
Golden Cross Could Trigger Major Rally
According to Tardigrade, Bitcoin recently formed a golden cross — a bullish indicator where the 50-day simple moving average (SMA) crosses above the 200-day SMA. This pattern often signals a shift from a downtrend to a potential long-term uptrend.
Historically, golden crosses on Bitcoin’s chart have coincided with significant price increases. Since 2023, the three most recent instances yielded gains of 49%, 125%, and 68%, respectively. Based on these performances, Tardigrade projects a conservative target of $152,000 — a 44.7% increase from current prices. Under highly bullish conditions, he suggests BTC could climb as high as $229,000, a 118% gain.
The analyst corroborated his prediction with Bitcoin’s current market cycle performance, highlighting a 47% rally from April lows and a massive 656% increase since the cycle began in late 2022.
Bitcoin Price Update
BTC is currently trading at $105,552, up 0.20% over the last 24 hours. The cryptocurrency has also posted minor gains of 0.03% weekly and 1.41% monthly, indicating overall market stability despite recent lackluster volatility.
Price movement remains lopsided as Bitcoin enters a likely consolidation phase. Profit margins have narrowed, suggesting a temporary cooling of momentum. However, investor appetite persists, evidenced by last week’s strong rebound in Bitcoin ETF inflows. The sector recorded $1.37 billion in net inflows following two weeks of outflows totaling $286.81 million.
