Bitcoin Approaches Golden Cross Amid Rising U.S. Debt Concerns
Bitcoin's price chart is showing a bullish pattern that may lead to a surge from $70,000 to $100,000 by late 2024 due to concerns over U.S. debt sustainability. Key points include:
- A "golden cross" is expected soon, where the 50-day simple moving average (SMA) will cross above the 200-day SMA.
- This pattern suggests potential for a major bull run, following a similar occurrence in late 2024 that preceded significant price increases.
- The previous death cross indicated bearish sentiment, but prices recovered afterward, leading to an upward trend.
- Current macroeconomic factors align with this bullish technical setup.
U.S. Debt Concerns
Moody's downgraded the U.S. sovereign credit rating from “Aaa” to “Aa1,” citing rising national debt of $36 trillion. This has increased fiscal concerns reflected in the bond market, which may positively impact Bitcoin.