Bitcoin (BTC) can hit $26,000 in just two months thanks to a bullish event that previously triggered 170% price gains.
Bitcoin 1-year price chart with 50 and 200-day moving average. Source: TradingView
Known as a “golden cross,” the phenomenon is a rare occurrence for the cryptocurrency. Despite BTC/USD shedding almost $1,000 in recent days, Wareing is anything but bearish on short-term profit potential.
“Last time this happened #Bitcoin pumped 170% in under 60 days,” he summarized on Twitter.
Wareing added that at press-time levels of around $9,800, Bitcoin had retained support in an overall bullish ascending price triangle.
That sentiment was echoed by fellow Cointelegraph Markets analyst, Michaël van de Poppe.
“And so, we've bounced on the green area around $9,450-9,500. That was heavily needed,” he told Twitter followers on Wednesday.
“We could still see a period of relative calm movements, before we're either attacking the highs at $10,400 or the lows at $9,500.”
In addition, the past weekend left a significant gap between two Bitcoin futures trading sessions. Historically, Bitcoin has subsequently “filled” these gaps, the implication being that this week could see a return to $10,500.
Friday’s session closed at $10,495, while Monday’s began at just under $10,000.
1 month, 3 all-time high forecasts
The golden cross makes Wareing the third prominent Bitcoin figure to forecast major short-term gains this month alone.
As Cointelegraph reported, Fundstrat’s Tom Lee believes Bitcoin could reach $27,000 by August, again thanks to price beating out resistance from its 200-day moving average.
Thereafter, venture capitalist Mike Novogratz said that BTC/USD might retest its all-time highs of $20,000 by the time of May’s block reward halving.