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Bitcoin Golden Cross Pattern Appears and Bitcoin Aims for $88,000 As Next Recovery Target
Bitcoin golden cross pattern appears on the BTC price chart
Analyst believes BTC is working to hit the $88,0000 target as its next recovery target.
Could BTC price hit another new ATH this bull cycle?
The price of Bitcoin (BTC) seems to be working towards a rally. Standing at $84,000 BTC is showing signs of possibly heading into a recovery. According to reputed analysts, a Bitcoin golden cross pattern has appeared and Bitcoin seems to be aiming to hit $88,000 as the next recovery target.
Bitcoin Golden Cross Pattern Appears
As we can see from the post above, one crypto and Bitcoin enthusiast has marked a Bitcoin golden cross pattern appearing on the BTC price chart. This Bitcoin golden cross formation is highlighted on the price chart shared in the post above. Here, the analysts draw light to the past few instances where Bitcoin golden cross patterns affected the crypto market
To elaborate, in 2016 the pattern led to a pump of over 139%, a pump over 2,200% in 2017, and a pump of over 1,190% in 2020. The analyst marks that every time this pattern appears, the market responds in a bullish manner and hopes to see a similar bullish reaction this time, one that will send BTC price back to the new ATH range
$88,000 Next BTC Recovery Target?
Following the Bitcoin golden cross pattern observation, one analyst predicts that the price of Bitcoin (BTC) is preparing to his the $88,000 price target next. As we can see from the post above, BTC is not only breaking above Tenkan, but a bullish divergence is also forming on the MACD. If confirmed, Kijun is the next stop, bringing BTC price ot $88,000