Bitcoin Nears Historic Golden Cross as Bulls and Bears Debate Future Price Swings
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Bitcoin price is nearing its first ever weekly "golden cross", a bullish signal where the 50-week moving average crosses above the 200-week moving average. This has never happened before in Bitcoin's history.
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Bitcoin spent time under its 200-week moving average price for the first time earlier this year during the bear market. Now the 50-week MA is crossing back above it.
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Some analysts like Alistair Milne believe this golden cross signals an "early bull market" and considerable upside ahead.
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Other traders remain bearish, calling for Bitcoin to fall to $30-31k or even as low as $12k before reaching new all-time highs again.
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Controversial trader Il Capo of Crypto has predicted a "big dump to $30k-31k" for Bitcoin and 30-40% drops for altcoins as the start of a capitulation event.