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The largest cryptocurrency by market value, Bitcoin (BTC), has confirmed a bullish signal on its weekly chart.
Bitcoin's weekly simple moving average (SMA) 50 has crossed above the weekly SMA 200 for the first time on record, confirming the bullish golden cross that indicates a long-term bull market going forward.
BTC/USD weekly chart, courtesy of TradingView
Bitcoin experienced a weekly death cross in 2023, marking the bottom of the bear market. In 2024, Bitcoin has surpassed $49,000, reaching levels not seen since December 2021, shortly after the Securities and Exchange Commission approved the first spot Bitcoin ETFs for trading in the United States
As many traders expected, Bitcoin subsequently fell, with the cryptocurrency now trading 16% lower than its recent high of over $49,000, set after trading in 11 spot exchange-traded funds (ETFs) halted in the United States last Thursday ) has been recorded.
At the time of writing, BTC fell 0.01% to $42,541 in the last 24 hours.
A massive bullish event is approaching
Following the approval of the Bitcoin ETF, investors appear to be preparing for the upcoming Bitcoin halving, where the mining incentive for Bitcoin mining and mining companies' revenues will be halved, according to the Bitcoin code.
The halving expected in April amounts to a market clearing for miners. Although this event has historically been preceded by significant gains in Bitcoin that benefited mining stocks, the event could force unprofitable miners out of the market and allow more sustainable miners to gain market share.
While the fourth halving is scheduled to occur at a block height of 840,000, the exact date is unknown due to the natural variability and probabilistic nature of mining blocks.
On-chain analytics firm Glassnode says its best guess based on the current average block interval is that the halving is now 100 days away.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducts comprehensive price analysis, and shares predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.
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