Bitcoin 'golden cross' that sparked 2000% BTC gains is already here

Key points:

• Bitcoin’s latest golden cross on the daily chart is already delivering upside since confirming in late May.
• Historically, daily chart golden crosses preceded price gains in excess of 2,000%.
• Consensus increasingly sees Bitcoin breaking out again after consolidating below $120,000.

Bitcoin (BTC) has the chance to reach $155,000 in the coming months as a classic bull signal returns.

As noted on X Thursday by popular trader Merlijn, BTC/USD has seen a new “golden cross” on the daily chart.

Bitcoin golden cross is best news for bulls

Bitcoin golden crosses, formed when the 50-day simple moving average (SMA) crosses above its 200-day equivalent, often spark huge price gains.

Their success is varied — sometimes the 50-day SMA fails to stay above the 200-day SMA for long. Regardless of its duration, however, the golden cross has a clear impact on BTC price action.

“Every. Single. Time. This signal shows up $BTC goes vertical,” Merlijn argued alongside a chart showing historical crosses.

These have included giant bull-market surges, with both 2017 and 2020 seeing upside in excess of 2,000% thanks to lengthy golden crosses.

The most recent golden cross came in October 2024, when BTC/USD traded at around $65,000. In the three months that followed, the pair reached new all-time highs of nearly $110,000.

“Same setup. Same signal,” Merlijn added about the new cross, which confirmed on May 22.

So far, maximum gains for Bitcoin have totaled a comparatively modest 12%. Even copying the short-lived cross from 2016, the target versus the cross confirmation price becomes $155,000.

BTC/USD 1-week chart with daily golden crosses. Source: Merlijn The Trader/XAs Cointelegraph reported, Bitcoin saw its first ever weekly golden cross event at the start of 2024, something which coincided with the beginning of the current bull market’s more vertical upside.

BTC price breakout hinges on $120,000

While consolidating below $120,000, Bitcoin is giving market participants every reason to expect further price discovery next.

Related: Is FOMO back? Bitcoin first timers buy 140K BTC in 2 weeks

Targets increasingly favor $135,000 as the next stopping-off point for BTC/USD as the pair ditches macro concerns and branches out on its own.

“Daily Close above ~$120k Range High resistance followed by a post-breakout retest would see Bitcoin confirm a breakout to new highs,” popular trader and analyst Rekt Capital told X followers Friday.

Rekt Capital observed that consolidation was diverting capital into altcoins.

BTC/USD 1-day chart. Source: Rekt Capital/XThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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