Bitcoin continues its upward trajectory, forming two significant golden cross patterns, analysts are optimistic about the cryptocurrency’s potential to surge to new heights, with projections reaching up to $148,000.

Traditional Golden Cross Signals Bullish Momentum

Renowned analyst Crypto Rand has highlighted a traditional golden cross on Bitcoin’s daily chart, indicating strong bullish momentum. This pattern occurs when the 50-day moving average (MA) crosses above the 200-day MA. Crypto Rand notes that this recent crossover could signal a similar rally to the one experienced in late 2023 when Bitcoin soared from around $34,000 to an all-time high of over $73,000, marking a 110% increase in just four months.

In his analysis, Crypto Rand suggests that if history repeats itself, Bitcoin could aim for approximately $148,000 in the coming months. He has mapped out a timeline of 137 days from the initial golden cross, indicating that this rally could unfold from early to mid-2025.

MVRV Ratio Golden Cross Points to Accumulation

Complementing this analysis, Ali Martinez has focused on Bitcoin’s Market Value to Realized Value (MVRV) Ratio. This ratio compares Bitcoin’s current market price with the average purchase price, providing insights into whether the asset is undervalued or overvalued. Martinez’s analysis reveals a crossover of the MVRV Ratio above its 365-day simple moving average (SMA), another bullish golden cross.

Martinez explains that this crossover is historically indicative of upcoming bull rallies, suggesting that market participants are accumulating Bitcoin at a faster pace. Historical data supports this, as previous instances of MVRV Ratio crossovers have led to substantial price increases. For example, similar patterns in 2020, 2021, and 2023 preceded rallies of 638%, 69%, and 236%, respectively.

Optimism for Further Growth

With the MVRV Ratio golden cross now in place, Martinez asserts that Bitcoin is poised for another major rally. Despite recent peaks around $72,000, he reassures investors that there remains significant potential for upside growth.

Market veteran Peter Brandt shares a similar outlook, predicting that Bitcoin could reach a top of $135,000. However, he emphasizes that a breakout for this next leg up has yet to occur, leaving room for further price appreciation.

External Factors Influencing Bitcoin’s Path

Analysts believe that external factors, such as the upcoming U.S. presidential election, could act as catalysts for Bitcoin’s price movements. Matthew Sigel, Head of Research for Digital Assets at VanEck, argues that Bitcoin’s correlation with traditional assets appears bullish as the election approaches.

As Bitcoin trades at approximately $72,410 at the time of writing, the market watches closely for potential developments. Analysts and investors alike remain optimistic, with historical trends and current indicators suggesting that Bitcoin may be on the brink of a significant rally.

Conclusion

In summary, Bitcoin’s recent formation of two golden cross patterns—the traditional golden cross involving moving averages and the MVRV Ratio crossover—signals a bullish outlook among analysts. Projections of Bitcoin reaching up to $148,000 reflect a strong sentiment in the crypto community, driven by historical data and market dynamics. As external factors, including the U.S. presidential election, come into play, many are eager to see how Bitcoin’s price will respond in the coming months.