As per an all-new survey conducted by Fundstrat’s Tom Lee recently, he found that 24% of Twitter’s crypto community believed that the current ‘BTC Golden Cross formation’ was a ‘trap’ and that it was currently time for people to
“unload some of their Bitcoin holdings”.
For those of our readers who may not be aware of what a “golden cross formation” is, it is essentially a technical indicator which occurs when a “50-day moving average crosses the 200-day moving average from under on the currency’s daily price chart.
However, even in the wake of all these developments, only 43% of all the people who responded to Lee’s recent survey claimed that the ‘golden cross’ was a green light to purchase the flagship asset.
At press time, it is worth noting that this is the first time since October 2015 that BTC’s technical charts have shown the formation of a golden cross pattern. If history is to be believed, Bitcoin’s current indicators suggest that a bull run could be in the works for the popular digital asset.
In addition to this, it should also be highlighted that as per certain data procured from exchange firm DailyFX,
“81% of all retail traders are now net-long bitcoin”.
- 97.7% of retail traders are net-long Ripple (XRP)
- 92.2% are net-long Litecoin.
- 92.1% are net-long Ethereum.
In a recent interview with EToro’s Mati Greenspan, the well-respected analyst claimed that a bull run was on the horizon (for the crypto market at large) and that BTC’s crossing of the $5,350 resistance level had turned into a new support region for the premier altcoin:
“Some people will want to wait until today’s close for confirmation but in my mind, this box is ticked. Following the extraordinary surge on April 2nd, many people were looking for some sort of continuation and now that we’ve broken the interim resistance of $5,350 it seems we have one.”
In closing out this piece, we should clearly mention that a lot of crypto analysts have been quite critical of the aforementioned “golden cross formation”. This is highlighted by the fact that nearly 20% of all people who voted on Lee’s recent Twitter survey claimed that they had no faith in “technical studies” — citing examples of other golden cross formations (such as the one that occurred back in July 2015) following which the price of BTC dropped by over 45%.View image on Twitter