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Breaking News: DOJ's Largest Bitcoin Seizure: $15 Billion In BTC Linked To Cambodian 'Pig Butchering' Scam
Altcoins Bitcoin Ethereum

Analyst: Golden Cross Prints, Altcoins Ready To Rip?

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Altcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Taking to X on January 30, a crypto analyst has painted a bullish picture for altcoins, citing the formation of a golden cross pattern on the two-week chart. The golden cross is a technical arrangement often associated with bull runs. This pattern, formed when the 50-day moving average exceeds the 200-day moving average, suggests that market momentum is shifting from short-term selling to long-term buying.

Golden Cross Forms, Altcoins Ready To Rally?

This development is particularly noteworthy as it’s the first time a golden cross has formed since 2020. The last time this pattern was printed was in 2016. Then, altcoins like Ethereum, XRP, and Dogecoin surged, posting relieving higher highs.

Related Reading: Tether Goes Nuclear: $1 Billion Mint Fuels Run At Record Market Cap

In this preview, the analyst highlights the cyclical nature of the crypto market. Specifically, the analyst emphasized that golden crosses have preceded major altcoin rallies in 2016 and 2020. With the pattern forming again, the analyst believes history may repeat itself, paving the way for another altcoin bull run in 2024.

Golden cross formation | Source: analyst on X
Golden cross formation | Source: analyst on X

Still, traders should be cautious. The crypto market remains a relatively new asset class that’s volatile. At the same time, the analyst relies on technical indicators. In this case, the golden cross pattern forms from two moving averages.

Technically, moving averages rely on past price points and don’t show current data. As such, they can provide misleading signals. For this reason, traders reliant on this signal might have to depend on other technical indicators for confirmation.

Bitcoin Remains Dominant

How altcoin prices will react in the days ahead remains to be seen. When writing on January 30, the cumulative altcoin market cap stands at over $806 billion, according to CoinMarketCap.

Notably, the altcoin total market cap has been choppy and moving sideways. This sideways movement signals that traders and investors are not ready to double down on top altcoins despite the formation of the golden cross.

Altcoins market cap | Source: CoinMarketCap
Altcoins market cap | Source: CoinMarketCap

Besides the market cap moving horizontally, Bitcoin is still dominant, controlling over 51% of the total crypto market cap. As it is, this dominance, though fluctuating occasionally, might not change anytime soon.

Related Reading: Fidelity Plugs The GBTC Bleed: Spot Bitcoin ETFs Begin Healing With Inflows Ramping Up

Bitcoin is the only asset the United States Securities and Exchange Commission (SEC) has endorsed as a utility. Recently, the strict agency approved multiple spot Bitcoin exchange-traded funds (ETFs), allowing Wall Street players to get involved.

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

Amid this, the SEC is also assessing several applications submitted by, among others, Fidelity, looking for the approval of a spot Ethereum ETF. The chairman of the SEC, Gary Gensler, is yet to provide clarity on ETH.

Feature image from Canva, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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