What you need to know about Bitcoin’s Golden Cross update

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How quickly might Bitcoin fall? The June 19 Death Cross was a significant event in Bitcoin’s history. For the first time, the Death Cross did not raise the price of the king coin any further than it already was. The Death Cross happened at a cost of $35,000, and the price was still $35,380 at the time of publication. This demonstrated that the event had little immediate impact. But does this imply that the Golden Cross has arrived?

When is the Golden Cross?

Technically the Golden Cross is still far away since we are yet to reach the expected dates. However, analyst Benjamin Cowen’s recent analysis shows that these dates could be pushed back further due to the updated movements. At the moment following the Death Cross 50 Day Moving Average and the 200 Day Moving  Average are in their expected areas. But since the prices didn’t take quite the hit, this phenomenon was expected to be short-lived.

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Since both the MAs are lagging indicators they do not represent accurate present movement. However, as of press time, both indicators happened to move further apart. The Golden Cross occurs when the 50 DMA takes over the  200 DMA. And for that to happen the 50 DMA needs to start moving upwards. Right now both the DMAs have a separation of $7000 between them.

Bitcoin weekly chart with the Cowen Corridor acting as support | Source: Benjamin Cowen

Cowen gave his remarks on the same,

“We have a long way to go before we can have any hopes of resuming any major bullishness in the market. It’s gonna take a longer time.”

Popular analyst Rekt Capital, on the other hand, predicts the Golden Cross to occur between the end of July and early September. However, due to market volatility, anything may happen, therefore it is critical to keep a watch on the market.

Expected Golden Cross | Source: Rekt Capital

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