Bitcoin Golden Cross: Market Rallying on First Golden Cross Since 2015

The cryptomarket is rallying today from the emergence of a Bitcoin (available on Coinbase) golden cross. Now, the majority of the top ten cryptocurrencies by market cap are in the green according to CoinMarketCap.

Bitcoin (available on Coinbase) Golden Cross

Leading the rally with a 5% gain at the time of writing is Bitcoin (available on Coinbase) (BTC). The current price of $5,599 USD per coin is a new high for Bitcoin (available on Coinbase) in 2019, and the bulls are excited.

But the news gets better for Bitcoin (available on Coinbase) fans because, as stated, the first Bitcoin (available on Coinbase) golden cross since October 2015 has formed. A golden cross is a technical chart pattern that indicates a major rally is on the horizon.

According to Investopedia:

“The golden cross appears on a chart when a stock’s short-term moving average crosses above its long-term moving average.”

So with this bullish signal, Bitcoin (available on Coinbase) looks set to change to a “long-term bearish-to-bullish trend.” If it can close above the $5,500 mark today, Bitcoin (available on Coinbase) could rally to $6,000 USD in the coming days.

Tom Lee’s BMI

The Bitcoin (available on Coinbase) golden cross isn’t the only signal to indicate a rally. Tom Lee’s Bitcoin (available on Coinbase) Misery Index (BMI) is spurring on the positive sentiment also. Recently the Fundstrat Global Advisors founder stated that his company’s Bitcoin (available on Coinbase) sentiment indicator recently touched a value of 89. According to his expertise, this means a “bull market is likely starting.” Lee noted that the BMI was over 50 throughout 2018 and has never appeared in a bear market.

Best Month

April has been a good month for Bitcoin (available on Coinbase) price. Growing 35% already in this month, the Bitcoin (available on Coinbase) golden cross now signals further gains to come. This growth spurt means Bitcoin (available on Coinbase) is on track to have the best month since December 2017, when the Bitcoin (available on Coinbase) frenzy was in full swing.