Falling for $BTC – Will Bull or Bear Signs Prevail?

• Many investors believe Bitcoin will continue to rise to $100K, unaffected by US election outcomes.
• Strong historical patterns and growing institutional interest suggest long-term bullishness.
• A golden cross formed on Bitcoin's 2-month chart, a historically bullish indicator.
• Bitcoin experienced significant price rallies following previous golden crosses, with past increases from $13K to $60K.
• A recent rising wedge pattern was also detected, potentially interrupting any positive momentum.

As the weather cools down,talk of $BTC's march to $100K heats up. Recent trading formed a Golden Cross, typically a sign of a strong performance ahead.

But with a Rising Wedge also looming, will the bulls or bears prevail as we head into fall?

Let's find out what's next for the leading cryptocurrency.

Bitcoin Overdue for a Bull Run?

$BTC had a sluggish summer, bouncing between $54K-$63K. That's down from its all-time high (ATH) of over $70K back in the spring.

Bitcoin often finishes the year on a strong note, and there's growing chatter among X crypto influencers about a looming rebound.

Source: X

Specifically, two trading patterns have potentially emerged, one positive and one negative. Which will win out, and where's Bitcoin heading?

A Golden Cross-Roads or a Wedge in the Bitcoin Door?

The so-called Golden Cross forms when the short-term moving average (MA) crosses above the long-term MA. It typically demonstrates that investor interest is heating up (sometimes quickly) and that prices are about to rise.

And one such Golden Cross was just formed with $BTC.

Source: X

A potential Golden Cross could show that interest is peaking at just the right time and that even the threat of a disruptive US election season might be insufficient to overcome positive momentum.

But markets are fickle things (especially crypto markets), and there are other less positive signs out there that sow fear, uncertainty, and doubt among investors.

A Rising Wedge forms at the peak of a trend as upward momentum slows and investor interest wanes. The upward momentum rises, then falls, cresting like a wave to resolve bearish.'

Source: X

Notably,the last such rising wedge appeared back in March, after the $BTC ATH. So, which will win out? Will the Golden Cross prove accurate, or has $BTC already exhausted what little momentum it had?

Conclusion - Chill Vibes Among Bitcoin Investors

In general, $BTC performs well as the year comes to a close. Investors are looking for more positive news and might just find it.

Source: X

Yes, there's uncertainty around the US elections. However, with the Fed expected to lower interest rates and with other central banks already making rate cuts, even a Kamala Harris victory isn't expected to keep $BTC down for long.

$BTC continues to be a focal point for investors, and more than one analyst expects Bitcoin to continue to move to $100K.

Bitcoin'sbullish outlook is supported by institutional interest and historical patterns, and with October historically being a favorable month for $BTC, especially in halving years, analysts expect a potential breakout.

Will it possibly push $BTC's price to new all-time highs? We'll soon find out.

References

• What is a golden cross pattern and how does it work? (Cointelegraph)
• Beware of Bitcoin's Rising Wedge,' Chart Analyst Says (Coindesk)
• Bitcoin To Hit $100K? Investors Believe US Election Won't Affect Its Rise (NewsBTC)

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