Key points:
Bitcoin’s latest golden cross on the daily chart is already delivering upside since confirming in late May.
Historically, daily chart golden crosses preceded price gains in excess of 2,000%.
Consensus increasingly sees Bitcoin breaking out again after consolidating below $120,000.
Bitcoin ( BTC ) has the chance to reach $155,000 in the coming months as a classic bull signal returns.
As noted on X Thursday by trader Merlijn, BTC/USD has seen a new “golden cross” on the daily chart.
Bitcoin golden cross is best news for bulls
Bitcoin golden crosses, formed when the 50-day simple moving average (SMA) crosses above its 200-day equivalent, often spark huge price gains.
Their success is varied. Sometimes the 50-day SMA fails to stay above the 200-day SMA for long. Regardless of its duration, the golden cross clearly impacts BTC price action.
“Every. Single. Time. This signal shows up $BTC goes vertical,” Merlijn said alongside a chart showing historical crosses.
These have included giant bull-market surges, with both 2017 and 2020 seeing upside in excess of 2,000% thanks to lengthy golden crosses.
The most recent golden cross came in October 2024, when BTC/USD traded at around $65,000. In the three months that followed, the pair reached new all-time highs of nearly $110,000.
“Same setup. Same signal,” Merlijn said about the new cross, which was confirmed on May 22 .
So far, maximum gains for Bitcoin have totaled a comparatively modest 12%. Even copying the short-lived cross from 2016, the target versus the cross confirmation price becomes $155,000.
As Cointelegraph reported , Bitcoin saw its first-ever weekly golden cross event at the start of 2024, which coincided with the beginning of the current bull market’s more vertical upside.
BTC price breakout hinges on $120,000
While consolidating below $120,000, Bitcoin is giving market participants every reason to expect further price discovery.
Related: Is FOMO back? Bitcoin first timers buy 140K BTC in 2 weeks
Targets increasingly favor $135,000 as the next stopping-off point for BTC/USD as the pair ditches macro concerns and branches out on its own.
“Daily Close above ~$120k Range High resistance followed by a post-breakout retest would see Bitcoin confirm a breakout to new highs,” trader and analyst Rekt Capital told X followers Friday.
Rekt Capital also observed that consolidation was diverting capital into altcoins.
