Key points:
- Bitcoin’s recent golden cross on the daily chart, confirmed in late May, is already driving upward momentum.
- Historically, such golden crosses have preceded price rallies of over 2,000%.
- Market consensus is growing around the potential for Bitcoin to break out again after its consolidation below the $120,000 mark.
Bitcoin could be on track to hit $155,000 in the coming months as a classic bullish signal reappears.
As highlighted by trader Merlijn on X this Thursday, BTC/USD has just formed a new “golden cross” on the daily chart.
Bitcoin golden cross is best news for bulls
Golden crosses in Bitcoin—formed when the 50-day simple moving average (SMA) crosses above the 200-day SMA—are often followed by significant price rallies.
While the strength and duration of each cross can vary, their influence on BTC price action is consistently notable.
“Every. Single. Time. This signal shows up $BTC goes vertical,” trader Merlijn noted on X, sharing a chart of previous golden crosses.
Past instances include major bull runs, with the 2017 and 2020 cycles both delivering gains of over 2,000% following extended golden cross formations.
The last golden cross appeared in October 2024, when BTC/USD was trading near $65,000. Within three months, the price surged to nearly $110,000, setting new all-time highs.
Now, the same signal has reappeared, confirmed on May 22. So far, Bitcoin’s gains have been more modest—around 12%—but even mirroring the brief 2016 golden cross would imply a potential upside to $155,000 from the confirmation level.
As previously reported, Bitcoin experienced its first-ever weekly golden cross at the beginning of 2024, marking the start of the current bull market’s steep upward trajectory.
BTC Price Breakout Depends on Clearing the $120,000 Level
As Bitcoin consolidates below the $120,000 mark, market sentiment continues to build around the likelihood of further price discovery.
Targets are increasingly pointing to $135,000 as the next key level for BTC/USD, with the pair showing signs of decoupling from broader macro concerns.
“A daily close above the ~$120K range high, followed by a successful post-breakout retest, would confirm a move to new highs,” trader and analyst Rekt Capital shared with followers on X Friday.
Rekt Capital also noted that Bitcoin’s consolidation phase is prompting capital rotation into altcoins.
