“Golden” Bullish Bitcoin Price Signal: Are 5000% BTC Gains Ahead?

Tony "The Bull" Severino

5 years ago

3 mins read

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While 2018 was most certainly a bear market for Bitcoin and crypto assets, 2019 has been mostly a bull market or at least the beginning stages of one. The latest in the growing list of signs the leading crypto asset by market cap is building a bullish foundation and will rise to new all-time highs, is a “golden cross” on three-day Bitcoin price charts.

The last time this occurred, was in February 2016, and from there, Bitcoin went on to bring investors a 4,900% return on investment. Could the same happen for Bitcoin once again?

Bitcoin Price 3-Day Charts Signals Golden Cross

Bitcoin price has just triggered a “golden cross” on its three-day price charts, and the entire crypto world is enthusiastic that this could mean that Bitcoin is about to begin a true bull run, and based on past experience, investors are rightfully excited.

BULLISH: The 50MA crossed above the 200MA on the 3-day BTC/USD chart, forming a so-called golden cross. The last time this happened was in February 2016. pic.twitter.com/WplNLcuTmc

— Bitstamp (@Bitstamp) August 2, 2019

A “golden cross” occurs when a shorter-term moving average, in this case, Bitcoin’s 50-week moving average, crosses above a longer-term moving average, or again with Bitcoin the 200-week moving average.

A golden cross is a powerfully bullish signal, and typically is a sign for investors that the asset is about to embark on a bull run. The opposite – a “death cross” – is a signal that a downtrend or bear market is ahead.

Following a long, arduous bear market, crypto investors are right to be enthusiastic about the bullish signal, but caution is necessary. Bitcoin in the past has formed a golden cross, only to then death cross, and then golden cross back once again before the last bull market truly kicked off.

Because there is a chance this could happen again, and history has a way of repeating itself, investors should proceed with caution.

Last Golden Cross Brought BTC Holders 4,900% Returns

However, if the golden cross stands, and doesn’t do another infamous death-cross fakeout, Bitcoin could go on to bring investors returns that are typically unheard of in most asset classes.

After the last golden cross in February 2016, when Bitcoin was priced at just about $400 per BTC, the crypto asset went on to bring 4,900% in returns as it peaked at $20,000.

A similar rise percentage-wise would put Bitcoin price above $500,000 per BTC, but could take years to achieve that. From the time that Bitcoin signaled the golden cross to the top of the hype bubble was roughly a year and a half, which might suggest that it will top in December 2020.

Given how massive the market cap of BTC would need to be to achieve such a number, seeing that type of return again is highly unlikely, but also given Bitcoin’s ability to surprise people, anything is possible.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.