On October 23, CoinDesk market analyst Omkar Godbole stated that Bitcoin's 50-day simple moving average (SMA) has begun to rise and appears to surpass the 200-day SMA in the coming days, confirming the so-called "golden cross".
This pattern indicates that short-term price momentum exceeds long-term momentum, which could evolve into a bull market. Indicators based on moving averages are often criticized as lagging signals, which may lead traders into the wrong side of the market. Although this view is largely correct, golden crosses have indeed predicted major bull markets.
Traders who held Bitcoin for one year after the first and second golden crosses and May 2020's golden cross saw returns reaching triple-digit percentages. After the golden cross on October 30, 2023, Bitcoin's value doubled to reach a new historical high of over $73,000.