The Bitcoin 
$78,394 market currently exhibits cautious stability with its price stagnating around the $86,000 level. As investors keenly observe the market, the “Golden Cross” signal resurfaces as a significant point of discussion. Merlijn The Trader, a popular analyst, claims that the recent occurrence of this signal could potentially trigger a robust upward cycle in the coming months. According to his analysis, this cycle might propel Bitcoin’s price as high as $130,000.
Why the Golden Cross Signal Shines in Bitcoin’s Landscape
Based on Merlijn The Trader’s chart, Bitcoin has recently recorded its fifth Golden Cross formation since 2020. This technical formation, which arises when a short-term moving average crosses over a long-term one, historically emerges during periods marked by low market confidence.
Historically, price reactions to the Golden Cross have not been immediate. Prior instances have shown that a consolidation phase lasting weeks or even months often precedes a surge. Merlijn’s previous performance data reveal that after similar crossovers, Bitcoin experienced gains of 87%, 47%, 78%, and 33%, respectively. This suggests that the crossover often signals a preparatory phase rather than a peak, positioning it as a compelling indicator of an emerging trend under fluctuating and uncertain market conditions.
Indicators Pointing to Bitcoin’s Price Aspirations
Currently, as Bitcoin hovers around $86,600, even the lowest previous uptrend of 33% suggests the potential for the price to reach approximately $115,000. A moderate scenario predicting a 45% increase could push Bitcoin into the $130,000 range, while a more aggressive cycle could aim for anywhere between $145,000 to $155,000.
However, short-term pressures are also at play. Glassnode reports that around 6.7 million BTC are held at a loss, potentially creating a supply barrier that could intensify selling pressure between the $90,000 and $95,000 range.
Furthermore, the weakening of liquidity during the holiday season might lead to sharp yet temporary fluctuations. Additionally, recent buying trends largely originating from derivative markets underscore that long-term spot demand has yet to dominate the scene.
