Recent events in the Bitcoin market suggest a potential rise for the cryptocurrency. Analysis shows that Bitcoin has reached a golden cross, an event that has occurred only three times in the current cycle.
Golden Cross and MVRV Bottom
Bitcoin (BTC) printed a golden cross on the daily MACD while the short-term MVRV bottomed near $107,000. Such events have historically indicated significant local bottoms.
Scenarios for BTC's Future Movement
Analysts discuss two main scenarios. The first indicates that the bottom is already in, with a recovery beginning from the $107,000 levels. The second scenario suggests a potential rejection near $120,000 before a sharp upward movement.
Expert Opinions on the Current Market
Expert opinions vary; some suggest the bull market is not yet over despite potential short-term fluctuations. For instance, Sean Dawson from Derive.xyz states that 'the bull run’s not over,' noting that September is typically a challenging month for cryptocurrencies.
As such, the current state of the Bitcoin market warrants close observation. Historical patterns and expert opinions present both opportunities and risks for traders.
