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Crypto analyst Titan from Crypto has highlighted a bullish indicator on the Bitcoin chart. The analyst also revealed what happened the last time this pattern formed, suggesting the leading crypto could enjoy a significant price rally fast enough.
Golden Cross Shapes on the Bitcoin Chart
Titan of Crypto revealed in an X (formerly Twitter) after that Golden Cross has formed on Bitcoin’s 2-month chart. He added that the leading crypto company experienced a “massive” rally every time this bullish indicator appeared on the 2-month chart. His accompanying chart shows that this last happened in 2021, when Bitcoin rose from around $13,000 to $13,000 above $60,000.
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While it remains to be seen what will happen this time, there is no doubt that a significant rally is long overdue for the leading cryptocurrency, considering how its price has stagnated since hitting a new level. all-time high (ATH) from $73,000 in March earlier this year. In another X messageCrypto’s Titan suggested that the long-awaited Bitcoin rally could begin in October.
The crypto analyst noted how the historic bearish September always sets the stage for risky assets like Bitcoin and US stocks to end the year with a big bounce. Meanwhile, Crypto’s Titan is still confident in Bitcoin’s bullish prospects despite rumors that Bitcoin is now in a downtrend. He stated that Bitcoin is still bullish on the monthly time frame. He added that the crypto is still holding its Tenkan and claimed that its bullish outlook will remain intact as long as it remains above the Tenkan line at $49,900.
Based on the accompanying chart he shared, Bitcoin needs to break above $71,000 to hit a new ATH in this market cycle. The crypto analyst did previously predicted that the flagship crypto could reach a market high of $120,000 by 2025.
October is the month to look forward to
Crypto analyst Rekt Capital also echoed a sentiment similar to Crypto’s Titan, suggesting October is the month to look forward to. He noted that history suggests Bitcoin should have a breakout from the crisis reaccumulation range in the next two weeks. However, he added that the outbreak is more likely to occur in October.
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October is historically a strong month for the leading cryptocurrency, especially in halving years like this. A potential Bitcoin rally is expected to continue in October November and December. Rekt Capital highlighted how crypto enjoyed three consecutive months of gains in the fourth quarter of 2016 and 2020 halving of years.
At the time of writing, Bitcoin is trading around $57,700, up more than 3% in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com