Since 2012, the Golden Cross only occurred four times for bitcoin.
Golden Cross is one of the widely followed bullish indicator in financial market. Since 2012, the golden cross only occurred four times for bitcoin. The first Golden Crossover took place in October 2015 and was followed by a crossover in April 2019, and twice this year. The first one took place in February 2020 in this year and the second one on 20 May 2020 today.
A Golden Cross is a basic technical indicator that occurs in the market when a short-term moving average (50-day) rises above a long-term moving average (200-day). Usually traders look at Golden Crossover as a strong bull market indication.
Since 2012, the first Golden Crossover took place in October 2015 and if you look at the data and charts, it was the beginning of a strong bull market where bitcoin rises from $300 to about $20,000. A huge gain of over 6,500% within two years of the Golden Crossover.
The second time it occurred in April 2019. Bitcoin was pumped from $5,000 to nearly $14,000 in June 2019. That is almost a 180% gain in less than 2 months.
The third golden cross occurred this year in February 2020, when the price of bitcoin was above $10,000 but it proved to be a bull trap and market crashed to $3,500 within a month after the crossover. Many other global factors played an important role in that crash. Every financial market was crashing significantly due to Covid-19 pandemic and it effected the cryptocurrency market as well. But crypto market, especially bitcoin recovered to $10,000 within two months of the crash and currently trading around $9,800. Today, for the fourth time in the history of bitcoin since 2012, golden crossover occurred and it is considered as one of the bull indicator. If we consider the 2015 and 2019 crossover and ignore February 2020 crossover where this indication considered to be a bull trap due to the worldwide pandemic situation since January 2020 and even if we take the low end of that vast range of 6500% and 180%, it is still possible for bitcoin to shoot upto $29,000 in coming months. We should not forget about Bitcoin halving, which is also considered as one of the biggest event and that also happened this month which could also plays an important role for bitcoin to skyrocket gradually. Hindi language users may also check out our video on bitcoin Golden Cross over shared two days ago on our official youtube channel Bitcoin Expert India.
Disclaimer - Cryptocurrency market is very volatile and risky. Before investing in any cryptocurrency, you should do your own research and this above information in any case must not be treated as financial advice.