16 C
Amsterdam
20 October 2021
PumpMoonshot
Image default
News

Start of New BTC Bull Trend? Crypto Trader Lark Davis Says Bitcoin Just Confirmed Rare Bullish Signal


Crypto trader and YouTube influencer Lark Davis says Bitcoin (BTC) just confirmed a massive bullish signal.

In a new video, Davis tells his 432,000 YouTube subscribers that Bitcoin just flashed “golden cross,” a technical event seen by many traders as a sign for rallies to come.

“It’s happened. It’s official. It is confirmed. We’ve got a golden cross on Bitcoin. That is, of course, the crossing over of the 50-day moving average of the 200-day moving average. This is definitely nice to see.”

Davis also looks at the history of golden crosses in Bitcoin to see whether the event is a reliable bullish indicator. According to the crypto trader, the last time BTC confirmed one in May 2020, it saw a rally of 700%.

Davis says another golden cross in April 2019 witnessed BTC surge 200%, while one in September 2015 started a “non-stop mega bull rally” that pushed the top crypto’s price go up from $300 all the way to $20,000.

The trader also looks at BTC’s first golden cross in February 2012 where the leading cryptocurrency rallied by over 22,000% in the ensuing months.

However, Davis notes that a golden cross does not necessarily guarantee upward momentum as one that formed in March 2020 two weeks before the Covid-19 pandemic ended up being a false signal.

“You couldn’t have called that in TA (technical analysis)… [Covid] was an unexpected macro-event that drove the price down, so this golden cross ended up not fulfilling a massive rally, but that’s because of an external event that happened.”

Davis adds that another golden cross happened in July 2014, which he concedes was short-lived as BTC’s price plummeted from around $600 to roughly $150.

“We had a little tiny blip of a golden cross come in. That one resulted in a short-lived bit of enthusiasm for the market, followed by what was a 75% crash in the price of Bitcoin.”

BTC is currently trading at $48,435 at time of writing, a 25% increase from its seven-day low of $38,578, according to CoinGecko.

News Source

Related posts

DeFi surge, rising TVL and new partnerships underpin Ren’s 100% rally

PumpMoonshot

Italian Stock Market Watchdog Calls for Crypto Regulation

PumpMoonshot

Three Reasons Why Bitcoin [BTC] Bulls are Not Yet Tire

PumpMoonshot

Leave a Comment