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Investors believe that the "golden cross" will drive BTC to new heights.
After the rise of Bitcoin to local highs on Wednesday, April 23, BTC entered a correction. The decline of the cryptocurrency sparked discussions about the coin's prospects. Investors shared their forecasts.
We explain why participants in the crypto community see the decline in the cryptocurrency rate as preparation for a new phase of rise.
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Many investors believe that Bitcoin, like in previous cycles, is repeating the behavior patterns of past years. For example, trader @0xPepesso suggested that BTC is following the trajectory of 2020. If he is right, the cryptocurrency may be preparing for a new phase of rise. His forecast implies a new all-time high for Bitcoin by the end of spring 2025. At the same time, the cyclical peak, @0xPepesso is sure, could be recorded in the autumn at levels above $220,000.
The chart shows several such crossovers. The curves on the chart are moving averages:
When the yellow line ( short-term moving average ) crosses the white ( long-term ) from bottom to top, this is the "golden cross." Each of these crossings in Bitcoin's history has been accompanied by a significant rise in price:
The emergence of a new "golden cross" may indicate that BTC is once again at the beginning of a bullish trend.
The Bitcoin fear index reflects investor optimism. The metric has returned to the green zone. Changes indicate a rise in market participants' optimism about BTC prospects.
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