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- The Bitcoin’s latest golden cross mirrors patterns seen before major rallies in 2017 and 2020.
- Traders eye $120,000 as the breakout point that could open the path toward $155,000.
The largest digital cryptocurrency, Bitcoin (BTC), has formed a golden cross again. This is a chart pattern associated with notable price movements in the past. Notably, traders now look ahead, wondering if the same signal that helped spark 2,000% rallies in earlier cycles will push BTC towards $155,000 this time.
Golden Cross Pattern Returns, Traders Look Back at 2017 and 2020
According to the current outlook, a new golden cross has appeared on Bitcoin’s daily chart. This is bringing fresh interest from traders and market watchers. The signal forms when the 50-day moving average moves above the 200-day average. Essentially, it is one of the better-known signs used to track longer-term momentum shifts.
This recent cross was confirmed on May 22. So far, Bitcoin has seen a 12% price increase since that date. The signal itself has historically emerged before major rallies. In both 2017 and 2020, the same pattern emerged ahead of bull runs that ended with gains exceeding 2,000%. That history is why this current signal has drawn so much attention.
Merlijn, a market analyst, highlighted the pattern in a post on X. He pointed to the way Bitcoin “goes vertical” each time the cross appears. He also compared it to the one that formed in October 2024, back when BTC was trading near $65,000. Within three months of that, Bitcoin rose to nearly $110,000.
While there is no guarantee this new cross will play out the same way, many traders see it as a key setup. If it follows the pattern from even the shorter rally of 2016, price targets could stretch as high as $155,000.
Regarding the BTC price, CNF reported that Bitcoin climbed past $123,000 on July 15, hitting a new record high before pulling back. It is currently trading at $118,350.28, down by 0.36%.
Meanwhile, as mentioned in our previous news brief, President Donald Trump is preparing to authorize an executive order. The order would open the $9 trillion U.S. retirement market to Bitcoin and other private assets.
BTC Needs to Clear $120,000 Before Next Push
It is worth noting that even with the golden cross in place, Bitcoin faces pressure near the $120,000 range. It has tested this level but has not yet broken through. Analysts say a clean daily close above it would be a strong indication that more upside is to come.
Rekt Capital, another market analyst, noted that a post-breakout retest could confirm a stronger push toward $135,000. He also said that while Bitcoin holds steady, money has started to move into altcoins. That shift usually happens when the main trend pauses.
As discussed in our previous news brief, Cardano founder Charles Hoskinson reaffirmed his bold prediction about Bitcoin. He continues to maintain a $250,000 price target for the digital asset.
Earlier this year, Bitcoin also saw its first golden cross on the weekly chart. That came before this current leg of the bull run. Now, with both weekly and daily signals in place, the focus turns to what happens next and whether history will repeat itself.
