Bitcoin is retesting the golden cross, a bullish pattern that preceded past parabolic rallies, with analysts saying a breakout above $110,000 could trigger another move.
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Bitcoin is retesting the “golden cross,” a bullish technical pattern that has historically preceded rallies, according to crypto market analyst Mister Crypto.
In a Sunday on X, the analyst shared a chart noting that Bitcoin’s () previous golden crosses led to gains of 2,200% in 2017 and 1,190% in 2020. With BTC currently hovering near $110,000, he suggested that holding above the level could ignite another parabolic move.
“The setup looks incredibly strong,” he wrote, adding that a confirmed breakout could “absolutely explode” Bitcoin’s price in the coming weeks.
A is a bullish trading signal that happens when a short-term moving average, usually the 50-day, crosses above a long-term moving average, often the 200-day. It signals that momentum is shifting from bearish to bullish, meaning prices may start rising.
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Bitcoin must hold $110K or cycle could end: Analyst
Crypto analyst Mac also that Bitcoin must hold the $110,000 level to avoid signaling the end of the current cycle. In a post on X, he noted that the 4-hour Money Flow Index (MFI) is “deeply oversold,” suggesting that BTC could be due for a short-term bounce.
Mac added that the risk-to-reward setup looks favorable, though he doesn’t expect a major surge in the immediate term. Instead, he anticipates “a little more upward chop next week.”
Meanwhile, Fundstrat’s co-founder Tom Lee the recent stock market pullback “may be overdue to an extent,” noting that markets have risen 36% since April and that Friday’s drop was the biggest in six months.
He highlighted the sharp rise in the VIX, a measure of market volatility, which spiked by 1.29%, calling it “the 51st largest ever spike in the VIX,” suggesting that investors were seeking safety.
Lee argued that the volatility spike is typically a sign of a short-term market bottom, as traders rush to hedge rather than sell. “If someone says, ‘Are we higher a week from today?’ I’m going to say the odds are actually really good,” he said.
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Trump announces 100% tariffs on Chinese imports
The latest market sell-off followed US President Donald Trump’s announcement that the US will imports starting Nov. 1, in retaliation for Beijing’s new export restrictions on rare earth minerals.
China, which accounts for about 70% of global rare earth supply, recently introduced rules requiring an export license for any product containing more than 0.1% Chinese-sourced rare earths, set to begin Dec. 1.
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