Bitcoin (BTC) Price Prediction: BTC Bulls Gear Up for Golden Crossover Rally, But Will the Bears Crash the Party?

Sentiment around Bitcoin [BTC] remained bullish as the king of cryptos managed to trade well above the $61k mark. In fact, if the latest data is to be considered, then things might get even better.

The bullish trend continues as the Bitcoin [BTC] price hovers above $61 thousand. According to the latest data, the situation may get better.

In this case, the probability of a golden crossover is high and this may push the coin price up.

Bitcoin's upcoming golden crossover

BTC bulls dominated last week and the coin price increased by more than 7%, according to CoinMarketCap data. At the time of writing, BTC is trading at $64,003.47 and its market cap is over $1.2 trillion.

While the bulls were leading the market, famous crypto analyst Ali shared a tweet showing an interesting development. According to the tweet, BTC's MVRV rate and 365-day simple moving average (SMA) are close to each other.

When this happens, there could be another bull rally in BTC, which could push the coin price up.

Source: X

Therefore, AMBCrypto conducted further investigation to investigate the possibility of a golden crossover. According to our analysis of Glassnode data, BTC price has finally reached the possible market bottom according to the Pi Cycle Top indicator.

In the event of a golden crossover, BTC could rise to a possible market ceiling of $103 thousand in a short time.

Source: Glassnode

In front of BTC

According to our data analysis, BTC's stock market reserve is increasing, which shows that the selling pressure is increasing. Apart from this, BTC's active addresses decreased by 39.25% compared to yesterday.

The total number of transactions decreased by 25.39% compared to yesterday. Both of these metrics indicate a bullish trend for Bitcoin.

The situation in the crypto derivatives market is not suitable for the bullish trend. This is evident from the red area buyer/seller ratio and shows that the selling trend prevails in the futures market.

Source: CryptoQuant

However, looking at the Bitcoin Rainbow Chart, it seems that investors have time to save more. According to the chart, BTC price is currently in the “still cheap” zone.

This means investors can consider buying before the coin price rises.

Source: Blockchaincenter

Finally, we tried to find out what the market indicators suggest by examining the daily chart of the coin. The Relative Strength Index (RSI) has moved into a horizontal trend after a sharp increase.

Read Bitcoin [BTC] Price Forecast 2024-25

BTC's Chaikin Money Flow (CMF) followed a similar trend, indicating a few slow moving days.

In case of a golden crossover, BTC could target $68 thousand and then head towards the possible market ceiling of $103 thousand. However, if the dominance of the bears comes again, the coin may drop to 54 thousand dollars again.

Source: TradingView

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