According to cryptocurrency market analyst Mister Crypto, Bitcoin is retesting the "golden cross," a bullish technical pattern that has historically appeared before price increases.
The analyst shared a chart in a post on X on Sunday, noting that previous golden crosses for Bitcoin resulted in increases of 2200% and 1190% in 2017 and 2020, respectively. With BTC currently hovering around $110,000, he suggested that holding above this level could ignite another parabolic rise.
"This setup looks very strong," he wrote, adding that a confirmed breakout could lead to an "absolute explosion" in Bitcoin's price in the coming weeks.
The golden cross is a bullish trading signal that occurs when a short-term moving average (typically the 50-day line) crosses above a long-term moving average (usually the 200-day line). It indicates that momentum is shifting from bearish to bullish, suggesting that prices may begin to rise.
Cryptocurrency analyst Mac also warned that Bitcoin must hold the $110,000 level to avoid signaling the end of the current cycle. In a post on X, he pointed out that the 4-hour Money Flow Index (MFI) is "severely oversold," indicating that BTC may be due for a short-term rebound.
Mac added that the risk-reward setup looks favorable, although he does not expect a significant rise in the near term. Instead, he anticipates "more upward volatility next week."
Meanwhile, Fundstrat co-founder Tom Lee believes that the recent stock market pullback "may have been overdue to some extent," noting that the market has risen 36% since April, and Friday's drop was the largest in six months.
He highlighted the sharp rise in the VIX index, which measures market volatility, stating that it surged by 1.29%, calling it "the 51st largest increase in VIX history," indicating that investors are seeking safety.
Lee believes that a spike in volatility is often a signal of a short-term market bottom, as traders rush to hedge rather than sell off. "If someone asks, 'Will we be higher a week from now?' I would say the odds are actually very good," he said.
The latest market sell-off occurred after U.S. President Donald Trump announced that the U.S. would impose a 100% tariff on all Chinese imports starting November 1, in retaliation for Beijing's new export restrictions on rare earth minerals.
China accounts for about 70% of the global rare earth supply and recently introduced regulations requiring export licenses for any products containing more than 0.1% rare earths sourced from China, which will take effect on December 1.
Related: $11 billion Bitcoin whale opens $900 million short bet on BTC and ETH pullback
Original article: “Analyst: Bitcoin (BTC) Retests 'Golden Cross,' Breakout Could Trigger Parabolic Rise”
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