U.Today – The price of a major cryptocurrency (BTC) could soon reach six-figure levels if this trend continues as expected. The vision of a crypto investor and analyst, known in the community under the pseudonym Eljaboom, suggests such a possible development.
Therefore, reacting to the upcoming golden cross on Bitcoin’s hourly chart, Eljaboom asked his audience if they thought it was possible for the main cryptocurrency to reach the desired level of $100,000. Moreover, the analyst outlined the path that the BTC price could take if such a scenario materialized.
Note that a golden cross is a crossing of moving averages when a smaller moving average, such as a 50-day one, crosses a larger one, such as a 200-day one, from bottom to top. But when the opposite happens, it is called a death cross.
Bitcoin crosses
The last time Bitcoin price formed a golden cross was last November, at around $33,000 per BTC. Following its inception, the main cryptocurrency surged over 116%, reaching a high of $74,000 in March 2024, a recent all-time high.
Before the formation of the death cross in August 2024, the price of BTC increased by 77.5% and the gold cross ended at $61,000 per Bitcoin.
While the golden cross may indeed precede a rise in Bitcoin’s price, this by no means means that a six-figure value will be reached in a single candle. The cryptocurrency market continues to be heavily manipulated and is flooded with substantial players who don’t need additional passengers on the way to $100,000.
