Bitcoin Returns to the Uptrend: Analyst Points to a Golden Cross!
Popular cryptocurrency analyst Ali Martinez said that Bitcoin has entered the uptrend again and a golden cross could be seen.
In his X post dated August 24, Ali Martinez examined technical indicators specific to the Bitcoin chart. Stating that he saw signals that Bitcoin was returning to the uptrend, Martinez pointed to the MVRV and the 365-day simple moving average (SMA).
He said that the MVRV data saw a golden cross between the 365-day simple moving average and that this could happen soon.
The intersection of these 2 data generally brought an increase in the past processes. The analyst gave the following statements in the details of his statement:
A strong signal that Bitcoin is returning to the bullish zone will be the golden intersection between the MVRV Ratio and the 365-day SMA!
The MVRV (Market Value to Realized Value) data measures the ratio of the market value of a crypto asset to its realized value. This ratio helps understand whether the asset is overvalued or underpriced.
According to CoinGecko data, Bitcoin, which has increased by 5% in the last 24 hours, is trading at $64,200 at the time of writing.
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