Indicator update: BTC completes the second wave of golden cross, historical signals reappear!

CryptoChan2024/12/20 10:35

By:CryptoChan

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CryptoChan, an on-chain analyst, pointed out that the total revenue of BTC miners (orange curve) and the 365-day simple moving average (blue curve) have recently completed the "second wave of golden cross". This key indicator has extremely high reference value in the starting phase of the bull market in the past. Looking at the trends in 2016 and 2020, after each "second wave of golden cross" appears, the BTC price often enters a long-term upward trend.

Specifically, this indicator reflects the trend improvement of miner income, indicating more active on-chain economic activities, increased willingness of miners to hold coins, and relatively reduced selling pressure. At the same time, with the gradual strengthening of BTC prices, this synchronous signal further confirms the view that the market may enter the early stage of a bull market.

From the chart, it can be observed that the formation of the current "second wave golden cross" pattern is highly consistent with the structure in the historical cycle, especially the similar stages in 2016 and 2020, which marked the precursor of large-scale price increases. Analysts remind that although history will not simply repeat itself, the completion of this indicator is still a positive signal worth paying attention to.

Indicator update: BTC completes the second wave of golden cross, historical signals reappear! image 0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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