Crypto Banter reports for the first time ever that Bitcoin has had a golden cross on the weekly time frame alongside the potential approval of a spot ETF.
In a video released on Jan. 9, YouTube channel Crypto Banter alleges that with less than 24 hours until the spot Bitcoin ETF decision, there is a lot of excitement in the market, with a $50,000 BTC on the horizon.
Referencing the technical charts, the analyst highlights the stochastic RSI on the Bitcoin (BTC) charts crossed up just after October, leading into September when the market was heavily bullish. He reports that the stochastic RSI attempts to get past the 80 zone, where bulls remain in control, and the market sees strong trending moves.
However, even more notable is that BTC has seen the golden cross in the weekly timeframe, where the short-moving average crosses over the long-term moving average. Although there isn’t enough previous data to compare, the analyst relates that there are similarities to the S&P 500, which has been around longer than BTC, suggesting that the asset class’s age is why the markets haven’t seen a pattern like this.
The analyst relates the golden cross works the same in the S&P 500, with the first dating back to 1899-1900, with big impulsive moves into the upside. He suggests that a golden cross means good things in the long run, although investors should expect a pullback of up to 35% in the short term. The analyst suggests investors don’t need to sell off out of fear since there are usually six or seven pullbacks in a bull cycle, and BTC is only four pullbacks in.
He relates that if the BTC market mimics the S&P 500, investors can expect the charts to go into a death cross that lasts for several years before the price accumulates and goes onwards and upwards. In the case of the S&P 500, he calls out a 72% move, followed by another 137% move in consecutive cycles.
