Bitcoin could explode in the form of a weekly golden cross: details

The largest cryptocurrency by market value, Bitcoin (BTC), has confirmed a bullish signal on its weekly chart.

Bitcoin’s 50 weekly simple moving average (SMA) has surpassed the 200 weekly SMA for the first time in history, confirming the bullish golden cross, indicating a long-term bull market going forward.

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Bitcoin experienced a weekly death cross in 2023, marking the bottom of the bear market. Fast forward to 2024, Bitcoin surpassed $49,000, reaching levels not seen since December 2021, just after the Securities and Exchange Commission approved the first spot Bitcoin ETFs to trade in the United States

Bitcoin subsequently collapsed, as many traders expected, with the cryptocurrency now trading 16% lower from its recent high of over $49,000, set after 11 spot exchange-traded funds (ETFs) began trading. trading in the United States last Thursday.

At the time of writing, BTC was down 0.01% in the previous 24 hours at $42,541.

A huge bull event is approaching

Following the approval of the Bitcoin ETF, investors appear to be positioning themselves for the upcoming Bitcoin halving, where the mining incentive for Bitcoin mining and mining revenue will be halved, according to the Bitcoin Code.

The halving, scheduled for April, is comparable to a market clearing event for miners. While it has historically preceded significant gains in Bitcoin, which have benefited mining stocks, the event could push unprofitable miners out of the market, allowing more sustainable miners to gain market share.

Although the fourth halving is expected at block height 840,000, the exact date is unknown due to the natural variability and probabilistic nature of mining blocks.

On-chain analytics firm Glassnode says its best estimate based on the current average block interval would be that the halving is now 100 days away.

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