Remember when Bitcoin was under $100, and someone said, “Buy it!”?
Well, that was me.
I’ve been a fan of Bitcoin and written about it from those early days. I cheered for it at $10, $100, and $1,000, while others thought it was just a fad.
Watching Bitcoin shoot up and then drop has taught me a lot.
And, today, I’ll show you why 2024 is set to be a good year for Bitcoin.
2024’s Big Event: The Halving
In 2024, everyone’s getting excited about “the halving.”
This is when the number of new Bitcoins is cut in half. This happens roughly every four years… and it can make big waves when it does.
For example, in 2012 and 2016, Bitcoin’s price went way up after each halving.
Now, it’s looking like Bitcoin is set to reach super high prices again…
Here’s what’s happened following the last few halvings:
The Golden Cross: A Helpful Hint
Now, let’s talk about something called the “Golden Cross.”
This might sound fancy, but it’s just a way to look at Bitcoin’s price momentum over time.
When the 50-day moving average line crosses above the 200-day moving average line, that’s the golden cross. In simple terms, it often means that Bitcoin’s price has upward momentum and that Bitcoin’s price will tend to move up.
Here’s what’s happened following the last few golden crosses in Bitcoin:
It’s like a hint that there has been some solid long-term excitement in Bitcoin.
If you were to extend this since Bitcoin first launched, you would see the indicator had higher than a 95% success rate.
2024: A Year to Watch Carefully
So, what’s the plan for 2024? We have big hopes because of the halving and the Golden Cross, which indicates good times are ahead.
Ultimately, whether you’re a beginner or an experienced investor, the Golden Cross for Bitcoin is a 95% success rate indicator and should always be considered when investing in bitcoin or other cryptocurrencies.
Leveraging Data for You,
Brad Hoppmann
Analyst, Market Minute
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Source: Jeff Clark Trader