Here’s a Chance for Bitcoin Price to Spark a 20X Rally-Does BTC Price Have Such Momentum Right Now?
After being consolidated below $22,000 for quite a long time, the BTC price comfortably reclaimed the levels. The CPI data created notable waves within the market with people waiting for the impact of the fresh data.
With the fresh rates of 6.4% being above the expected 6.2%, did not have a negative impact as predicted by many. However, the price began to consolidate slightly as the Federal Reserve appeared to remain hawkish with more interest rate hikes in the future.
Besides, the star crypto set forth the possibility of a bullish breakout, if the previous rallies replicate. Recently, the BTC price underwent a bullish event, daily Golden Cross where-in a crossover of th 50-day & 200-day MA levels was witnessed with 200-day MA rising towards the skies.
It was expected that the prices may receive the required bullish push and reclaim the levels close to $23,000. However, the trend remain low-key as the markets awaited the fresh CPI rates.
It was believed that the Golden Cross effect had wanned but if the previous rallies are compared, Bitcoin does not surge immediately after Golden Cross. Rather experiences a pullback first which induces a catapult action to leap long.
Comparing the Golden cross that happened in 2019 and the recent one, the trade setup appears quite similar. The BTC price underwent a slight pullback immediately after the event and consolidated for a couple of days.
Further, the token underwent a giant price action and soared high to mark new highs in 2019 beyond $8000 with a 200% jump. Presently, a similar jump may certainly not be expected as the market sentiments vary, but a slight change in the trend may be expected.
Currently, the Bitcoin price is trading above $22,100, attempting hard to sustain above these levels. The bears are piling up enormous pressure at the moment due to which the bulls are expected to get drained. This may be when the BTC price could slide down below $22,000 triggering a fine upswing in the next few days.