Crypto trader Lark Davis said that BTC confirmed a massive bullish signal.
It’s been revealed that Bitcoin just flashed “golden cross,” a technical event seen by many traders as a sign for rallies to come.
“It’s happened. It’s official. It is confirmed. We’ve got a golden cross on Bitcoin. That is, of course, the crossing over of the 50-day moving average of the 200-day moving average. This is definitely nice to see.”
Davis also looked at the history of golden crosses in Bitcoin to see whether the event is a reliable bullish indicator.
According to him, the last time BTC confirmed one in May 2020, it saw a rally of 700%.
Davis says another golden cross in April 2019 witnessed BTC surge 200%, and another one in September 2015 started a “non-stop mega bull rally” that pushed the top crypto’s price go up from $300 all the way to $20,000.
He said that another golden cross happened in July 2014, and he said that this was short-lived as BTC’s price plummeted from around $600 to roughly $150.
“We had a little tiny blip of a golden cross come in. That one resulted in a short-lived bit of enthusiasm for the market, followed by what was a 75% crash in the price of Bitcoin.”
Bitcoin vs. gold
MicroStrategy has been supporting Bitcoin for a really long time now and he continues to do so. His firm has been buying the digital asset despite the market volatility.
Saylor just posted a comparison between Bitcoin and gold and you can check it out below.
#Gold is down 10.5% in the same year #Bitcoin is up 332%. Gold has returned 0% per year in the same decade Bitcoin has returned 146% annually. Why do we still debate which is the superior store of value?
— Michael Saylor⚡️ (@michael_saylor) September 17, 2021
Stay tuned for more news and keep your eyes on the market.