“This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro”
On April 23, Senior Market Analyst at eToro, Mati Greenspan commented on the Bitcoin rally that took its price above $5,500. He also mentioned the surge that was seen in BTC price, recorded at $5,622. In his official Newsletter, the market expert stated:
“Just like that, it seems everyone is bullish on bitcoin again.
Another strong surge during the Asian session today brought us to a new high of $5,622 a coin, the highest level since November’s capitulation.”
Regarding the speculated reasons for the great spike, he mentioned that there does not seem to be specific causes or catalysts for the rally at present. Furthermore, he suggested that the upswing must have been the result of a mere shift in outlook.
A Twitter post by Greenspan also explained how this rally was a Golden Cross for Bitcoin. This is because BTC’s short-term moving average performed a crossover by the long-term moving average. The analyst took to a chart to exhibit the phenomenon.
Referring to this technical chart, he explained that the presentation shows Bitcoin’s 50-day moving average (gold) crossing above its 200-day moving average (blue). Greenspan believes that this could be a stark sign of the bull market making a comeback.
However, this is not the only time the Golden Cross has been observed in the journey of Bitcoin in the crypto-market. In July 2015, BTC plunged after a similar showing similar signs. Soon after, in October 2015, a Golden Crossover took place that carried on till 2018. On this, Greenspan took to Twitter comments and wrote:
“Yes, that was a false golden cross. However, the one in October 2015 was sustained until 2018.”
Goomba, a cryptocurrency enthusiast, and follower also opined in the Twitter thread, saying:
“Also history tells us this cross doesn’t mark the end of the bear market”
The question still remains if Bitcoin and the others are off to seeing the real bull market. As warned by many, this Golden Cross could just be a fake-out, similar to the one seen in early 2015.