A major bullish lagging indicator is forming, and is gearing up to appear in the next few days, potentially over the weekend of 14 / 15 August, 2021. The Golden Cross.
Why am I so excited for this golden cross formation? Well, the last time we had a golden cross in October of 2020, we all know what happened. Bitcoin went on this blitz of a run up from $10,800 to the current all time high of $64,000, as can be seen in the highlighted area.
This represented a 490% bull run, lasting about 6 months. Of course, within that run, there were some pullbacks along the way, but during that entire duration, we saw from bottom to top, a more than 50K move.
If we were to apply the same percentage move from the new golden cross, at a price of around $46,000, we will see a magnificent run going up to $225K by the end of the year, perhaps even overunning it a bit, if a lengthening cycle theory is to be believed.
Incidentally, $225K is within the realm of possibility based on PlanB’s popular Stock-to-flow model.
And like what I tweeted back in June…
What’s your theory? Do you think we blast off above $100K after this golden cross?
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I think the prediction of this website was completely off. I am not saying this because the golden cross did not eventually happen, but given the information available at the time the article was posted, btc would have reached absurd prices to result in a golden cross so soon. If the price keeps steadily rising with 1%, the golden cross will appear around 7th of september, if the price would stay the same forever it will form around 22nd of september. I think that is a much better prediction of the golden cross.