Bitcoin is currently showing signs of a highly bullish golden cross formation, according to analysts. Despite a dip in price to the $62,000 range, the sentiment remains bullish, with expectations of a price pump in the crypto market. This is predicted to lead Bitcoin and other altcoins to reach new all-time highs in the coming months, creating a very bullish Q4.
The formation of a golden cross is of particular significance, as it has historically triggered significant rallies in the price of Bitcoin. Last year, a similar pattern led to a 145% rally. This time, analysts are noticing the formation of another golden cross, further bolstering their expectations of a price increase.
In addition to the golden cross formation, technical analyst Gert van Lagen has identified a continuity in Bitcoin’s pattern dating back to 2019. According to this analysis, Bitcoin has completed an impulse, a sharp correction, and a second impulse, and is now entering a third impulse. This pattern suggests that Bitcoin has the potential to reach an all-time high of $250,000.
However, before reaching this major target, another analyst has set a price target of $73,700, closer to Bitcoin’s current price. This analyst believes that a recovery is already underway for Bitcoin and that it will first set a smaller all-time high.
Overall, the sentiment surrounding Bitcoin remains highly bullish, with analysts expecting significant price increases in the near future.