- BitTorrent chart indicates a golden cross on the chart
- The last time a simmilar cross appeared, the price of BTT exploded over 3,900%
- Slower-than expected pace raised demans for Justin Sun to start burning BTT
YEREVAN (CoinChapter.com) — In a piece of exciting news to proponents of BitTorrent (BTT), another golden cross has appeared on the trading charts. The appearance of the golden cross is an indication of a possible bull run soon. But will it justify expectations?
A BitTorrent bull run may be in the making
BTT has performed considerably well in the past month. Since July 24, it has maintained an impressive greet graph, registering a positive rise on the charts.
A month ago, BTT was trading at $0.002293. It is currently trading at $0.004402. In the past 24 hours alone, its trading volume is up by 32.72% while writing.
The above BTTUSDT chart shows an EMA 50 in Blue colour and EMA 200 in Turquoise colour. On August 13, the fast EMA 50 crossed the slow EMA 200 from down to up, forming a moving average crossover.
Since the 50 EMA crosses 200 EMA to the upward, it has formed a golden cross on the chart.
The bulls generally take this as a sign that the prices will rise, prompting them to rally behind the asset.
The last time this happened was at the start of 2021 when BTT registered a massive run. The price of the token rose by over 3,900%.
It is therefore not far-fetched to think that BTT has the potential to capitalise on the golden cross once again.
BitTorrent, a milestone investment for Tron?
BitTorrent started a peer-to-peer (P2P) file-sharing protocol back in 2004. Mostly used to download movies and video files, the platform gained immense popularity before the crypto industry came by.
In 2018, Justin Sun, the founder of Tron Foundation acquired BitTorrent. It is said that the Chinese billionaire paid over $140 million for the company.
The buy-off ushered in a new era for BitTorrent as Sun established the BTT-USD as the native currency for the network.
In 2020, BitTorrent crossed 2 billion installations of its popular torrent client software on Windows, Mac and Android.
BitTorrent currently boasts over 100 million active monthly users.
The network’s list of illustrious clients includes social-media giants Facebook and Twitter as well as Wikipedia.
With expectations to reap huge benefits, Tron’s acquisition of BitTorrent is proving to be a great investment for Justin Sun.
Time to burn BTT?
With a $2.56 billion market cap, BitTorrent has been doing considerably well. However, hoarders of the token are getting impatient with the slow pace.
Expectations of a faster price increase have resulted in fans asking Justin Sun to hasten the price hike by burning some BTT.
Whether the golden cross will play out as expected or the Tron team will start burning BTT remains to be seen.