Crypto analyst Tony, nicknamed The Bull, says that a ‘golden cross’ has occurred in Bitcoin and two altcoins. According to the analyst, BTC and these altcoins are poised for an explosive rally!
‘ Golden Cross’ is giving bullish signals for BTC and these altcoins!
The cryptocurrency market is witnessing a significant shift as altcoins gain ground as Bitcoin’s dominance wanes. Recent data from crypto price oracles shows that Bitcoin dominance has decreased by about 4.3 percent over the past few days. Thus, BTC dominance dropped to around 49.81 percent. Therefore, Bitcoin’s price is showing signs of potential weakness in the coming days. On the other hand, crypto cash flow has diverted to the altcoin market. Medium-sized altcoins, especially XLM and Chainlink (LINK), have made significant gains in the past two days.
Three top crypto assets — #Bitcoin, Ethereum, and #XRP — are on the brink of a golden cross on the 3-day timeframe
All three firing at the same time has never happened before
It will also be the third in history for BTC and XRP, second ever for Ether pic.twitter.com/bzVfK3ZpBp
— Tony "The Bull" (@tonythebullBTC) July 19, 2023
Amid mixed signals in the cryptocurrency market, the overall momentum points to a bullish outlook. An exciting development on the horizon is the possibility of a simultaneous 3-day ‘golden cross’ for the first time in history between the 50 and 200 Moving Averages for Bitcoin, Ethereum and XRP.
Each of these entities has previously experienced a 3-day ‘golden cross’ at different times. However, it is possible that this simultaneous event could signal a macro bullish outlook. The past 3-day ‘golden cross’ examples of these digital assets have historically led to improved market conditions. It also caused optimism for the future after the bearish market in 2022.
Basic support and institutional interest
Confidence in the growth prospects of the crypto market has been bolstered by the recent SEC vs Ripple lawsuit. This legal development has raised expectations for the future of the cryptocurrency industry. In addition, a growing number of institutional investors around the world have added Bitcoin and other top crypto assets to their balance sheets, further solidifying the market’s growth potential.
Key metrics for Bitcoin from IntoTheBlock
Bitcoin slumped below the $30,000 psychological support level, causing concern among traders and investors. IntoTheBlock, a leading blockchain data source, shared key metrics to watch for BTC. IntoTheBlock stated that despite falling below $30,000, approximately 68.96% of Bitcoin holders are currently in a profitable position. He also noted that this is unlike many other altcoins struggling in the market.
1/ Bitcoin dipped back under $30k. Is it cause for concern? Let's delve deeper into the on-chain data to analyze the situation. 🧵👇#Bitcoin #BTC #Analysis pic.twitter.com/65iYGtMfHS
— IntoTheBlock (@intotheblock) July 26, 2023
However, the report highlights that 49.66% of the active addresses from the previous day are currently experiencing losses. Most of these addresses have bought Bitcoin at slightly above the current market price. This observation raises concerns about whether these investors will hold their tokens or resort to capitulation as the Bitcoin price continues to decline. cryptocoin.com As you follow, BTC has lost more than 7% in the last two weeks. According to experts, it is possible that the capitulation at this point triggers higher selling pressure.
