Key Insights:
- Bitcoin’s TD Sequential buy signal suggests potential for a price surge above $86,000, with $90,000 to $95,000 as targets.
- Bitcoin is trading above key support levels, positioning it for further gains if it sustains above $86,000 resistance.
- Bitcoin’s Golden Cross has historically triggered massive price surges, with gains of up to 2200%.
Bitcoin (BTC) price is approaching a critical point that may determine its next major move. A TD Sequential buy signal and the appearance of a Golden Cross pattern suggest Bitcoin could break above $86,000 and potentially rally toward $95,000.
Bitcoin TD Sequential Buy Signal Indicates Potential Surge
Crypto analyst Ali Martinez has pointed out that the Bitcoin weekly chart has shown a TD Sequential buy signal, which is a strong bullish signal for traders. The technical indicator helps traders spot exhaustion points before price reversals occur.
A buy signal from TD Sequential data indicates that the asset could initiate an upward price trajectory.
In addition, the analyst noted that a sustained Bitcoin price point above $86,000 may create opportunities for increased value up to $90,000 and $95,000. Market stabilization followed by consolidation leads to breakouts, enabling upward price movement after successful buy signals.
Bitcoin Price Support Levels Set for Further Gains
More so, Bitcoin price has been trading above crucial support areas, creating positive conditions for future gains. The $86,000 resistance has been of significance, and therefore, Bitcoin price ability to breach this point further fuels the bullish momentum.
Notably, the support range between $82,000 to $85,000 is a strong support that may enable Bitcoin to break through into higher price levels. If Bitcoin price sustains its position above the support zones for an extended period, it can advance toward the $90,000 to $95,000 resistance levels.
Golden Cross and BTC Historical Surge
Moreover, BTC price has established a bullish standpoint through the formation of a Golden Cross from the trendline that occurs when the short-term trendline crosses over the long-term moving averages.
Analyst MisterCrypto has noted that historically, Bitcoin has induced these market patterns multiple times, with each event preceding a notable price increase.
According to the analyst, BTC experienced major price growth following each Golden Cross pattern in the years 2015, 2017, and 2020. Bitcoin reacted to the 2015 Golden Cross by rising 139% and then experienced an astonishing 2200% gain from the 2017 Golden Cross. The historical price surges after Golden Cross occurrences present robust evidence indicating how the present Golden Cross can affect market values.
Bitcoin price traditionally rises after this pattern, so traders and analysts intensely monitor the current Golden Cross formation. Based on historical data, Bitcoin has shown potential to rise above $86,000 before reaching new all-time highs.
Bitcoin Price Action and Technical Analysis
On the technical indicators, the Bitcoin 1-day Moving Average Convergence Divergence indicator has shown bullish signals as its MACD line is above the signal line. The reading at 520.24 suggests bullish price action. Furthermore, the green histogram suggests the appearance of a higher bullish trend in the market.
Nonetheless, the MACD is not near its peak, indicating that there could be a chance for positive shifts to continue.
Additionally, the 1-day Stochastic RSI of Bitcoin is at 87.72, signifying that the asset has crossed into an overbought condition. This suggests that Bitcoin has experienced strong upward momentum in the short term. The Stochastic RSI line (blue) is above the signal line (orange), confirming the bullish sentiment.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
