- Bitcoin on track to form a Golden Cross in mid-September
- Institutions entering crypto markets en-masse
- Miners have been accumulating BTC for 5 weeks
- Bitcoin poised to follow Ethereum to hit a $100,000 price point
JAIPUR (Coinchapter.com) – Analysts doubled down on the $100,000 price target for Bitcoin amid a flurry of technical and fundamental developments.
Bitcoin’s Upcoming Golden Cross
The BTC/USD exchange rate is on track to form a Golden Cross a Reddit-based analyst, u/PunPryde predicted Sunday.
A Golden Cross occurs when an asset’s 50-day moving average wave crosses above the 200-day moving average (DMA) wave. PunPryde rubbished calls for Bitcoin fulfilling the bullish technical setup in a few days, as currently, the BTC/USD exchange rate has the 50-day MA crossing above the 100-day MA.
According to the veteran Redditor, Bitcoin’s next Golden Cross will occur in mid-September.
“The Bitcoin golden cross is forming and will take place in mid-September, the first time in 1.5 years. This time it may ignite the bull cycle which takes us to $100,000 BTC.”said u/PunPryde
PunPryde pointed out that the last time Bitcoin printed a Golden Cross was in May 2020, when prices were near $8000. Consequentially, the flagship cryptocurrency went on to tap $64,800 in May this year before crashing down to sub-$30,000 levels. Bitcoin’s intermittent bearish phase will be history, the analyst indicated after the BTC/USD pair forms the said Golden Cross again next month.
However, the much-awaited $100,000 figure will only show up next year.
“That bear cycle is ending as we speak, and a new golden cross should form in mid-September which could propel BTC’s price to the $80,000+ range and finally hit the big $100,000 price point people have been yearning for a while now. It should happen around late Late January 2022 to early March 2022.”noted PunPryde
Now is probably the right time to buy Bitcoin and not in September or October, the analyst suggested. And that’s what institutions are doing.
Institutions And Miners Going Long On BTC
BlackRock, the world’s asset largest asset management firm with $9.4 trillion worth of assets under management (AUM), boasted of indirect exposure in Bitcoin through its 14.56% stake in MicroStrategy. The Michael Saylor-led firm holds $3.4 billion worth of Bitcoin on its balance sheet.
Plus, organizations signed up with Coinbase’s institutional arm, Coinbase Pro, recently engaged in a massive Bitcoin accumulation spree. Analysts argued that the same caused the benchmark cryptocurrency’s price to spike from sub-$30,000 levels to $47,000 recently.
Also, institutional investors trading Bitcoin futures on the Chicago Mercantile Exchange (CME) have switched to a net long position.
“The latest CME’s futures market data has also turned bullish, as asset managers cut their bearish BTC futures positions by 42% two weeks ago and boosted longs last week by 30%.”said a Forbes report dated August 9, 2021
While institutions have gotten strong in their Bitcoin buying game, miners have not stayed behind either. Will Clemente, the Lead Insights analyst at Blockware Solutions, quoted a Glassnode data piece, suggesting that Bitcoin miners have had their accumulation mode on since the last 5 weeks.
Following Ethereum’s (ETH) Price Action Is The Key
If Bitcoin followed Ether’s (ETH) price action this year, the flagship cryptocurrency could top $100,000 before 2021. Of course, Reddit user PunPryde wouldn’t agree, but Bloomberg Senior Commodity Strategist Mike McGlone concurred.
“If #Bitcoin were to catch up to #Ethereum’s performance this year, the No. 1 crypto’s price would approach $100,000. “observed Mr. McGlone