Bitcoin’s chances of reaching $150,000 this year have been boosted significantly after the daily price chart showed a “golden cross.” According to popular crypto trader Merlijn, the cross, which occurs when the 200-day Simple Moving Average and the 50-day Simple Moving Average converge, especially when the latter crosses above the former, resulted in a 2,000% BTC rally in 2020.
Merlijn has also told his X followers that Bitcoin saw gains of 1,500% during the 2017 rally when the bullish golden cross happened. In the most recent case, the two moving averages converged last October when Bitcoin was trading at $65,000. Within 90 days, BTC was trading at $109,000.
Analyst Expects Regulatory Clarity to Catalyze Bitcoin Rally
It is worth highlighting that the October rally wasn’t fueled by only technical momentum. Instead, it was accelerated by the rising optimism at the time that crypto fan and presidential candidate Donald Trump would clinch the top seat in the month that followed.
Similarly, Merlijn says the incoming rally will be boosted by regularity clarity following the US lawmakers’ decision to pass three major bills that would provide guidance to crypto participants.
Bitcoin Technical Analysis
After peaking at $123k earlier this week, Bitcoin has cooled down, now priced at $119,254, according to data from CoinGecko. However, the bulls’ move to protect key support levels and sustain the coin near the all-time high suggests that the uptrend could resume soon.
Merlijn claims that if Bitcoin enters price discovery again, the bulls would look to push its price to $135,000 and then to $150,000. Meanwhile, popular crypto analyst Rekt Capital says the start of the next leg of the uptrend will be confirmed when the weekly candle closes above $120,000. As such, he anticipates a move to $130,000.
Crypto Markets Today
Over the last 24 hours, Dogecoin has been the top gainer among the leading 10 crypto assets by market cap after rallying 12%. It is priced at $0.2415 as of this writing. XRP comes in second with gains of 7.7%. It surpassed the all-time high of $3.39 and peaked at $3.61 on Friday. Another notable gainer is Ethereum, which is up 5.3% to $3.612.
