Chris Kuiper, vice president of research at Fidelity Digital Assets, has predicted that Bitcoin’s death cross will flip golden if the price of the leading cryptocurrency “persists” above the pivotal $93,000 level.
According to Kuiper, Bitcoin’s current golden cross has been in play since Apr. 7. During this period, the cryptocurrency has managed to surge by 33%.
The last golden cross recorded by Bitcoin managed to push the price of the cryptocurrency by 13%.
“Our team will continue monitoring this trend as the market may be preparing for its next shift,” Kuiper said.
The golden cross that was formed in October 2023 resulted in an 80% price surge, with Bitcoin skyrocketing from $35,000 to $61,000.
According to CoinGecko data, Bitcoin is currently changing hands at $108,622 after dipping by 2.6% over the past 24 hours.
On Thursday, the Bitcoin price reached its current all-time high of $111,814.
Bitcoin has since pared some of its recent gains following the most recent escalation in the trade tensions between the U.S. and the EU.
Earlier this month, Kuiper opined that Bitcoin was in an “acceleration phase.” According to Fidelity, the $110,000 level would potentially serve as the base for another price surge.
Notably, the November 2021 peak was the only time when a second rally would fail to take place.
This time, the rally is being driven by steady ETF inflows that signal strong institutional interest. In the meantime, retail investors remain mostly on the sidelines.