Bitcoin has been pumping continuously since its December 2018 lows, leading many people to believe that the much-awaited bull run has begun. Lending more credibility to this was the occurrence of the Golden Cross on April 23, 2019.
So, has the bull run officially begun? Or is it just a fakeout?
Are The Bulls Back In Town?
There must be underlying hints to this rally, adding more weight to the notion that the bull run has begun. Below are some obvious hints that indicate the beginning of a bull run.
A Golden Cross is when the 50-day SMA moves over the 200-day MA. Historically, this suggests the possibility of an increase in price. Bitcoin exhibited this Golden Cross in October 2015, following which the price rallied from approximately $200 to $20,000. On April 23, 2019, the price of Bitcoin surged, leading to the crossover of the above-mentioned Simple Moving Averages.
This turned a lot of heads, with leading proponents believing that the rally had finally commenced. Moreover, Bitcoin’s price reached a low on December 15, 2018, lending more weight to the theory.
Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). ?
This is yet another sign that we’re back in a?market. ?? pic.twitter.com/VK1PSsOYIB
— Mati Greenspan (@MatiGreenspan) April 23, 2019
Bitcoin’s weekly chart shows that there have never been 7-weekly bullish candles in a row, which indicates that the bullish momentum on a weekly time-frame has flipped. This pattern of Bitcoin is usually seen during bull runs. Moreover, the weekly MACD and RSI charts are showing bullish indications as well.