In recent weeks, Bitcoin (BTC) has once again taken center stage amid a series of impactful events. The fallout from the looming crypto bear market during Q4 2023 has given way to a return of Bitcoin bulls, driven by a series of high-impact events.
However, the situation changed when the US Securities and Exchange Commission (SEC) gave the green light for several ETFs to trade in Bitcoin. This approval led to a rapid decline in previous excitement, as short-term holders and miners rushed to cash in on the profits. As a result, Bitcoin price forecasts are leaning towards bearish sentiment, with analysts anticipating an inevitable reversal.
Well, what's next?
Bitcoin bulls are at a crossroads
As the spot hype of the Bitcoin ETF gradually fades from the interest of cryptocurrency traders, Bitcoin bulls are critically looking for something they can hold on to in the near term. Furthermore, the upcoming halving event is about three months away from happening.
The golden cross is here!
A glimmer of optimism is emerging as Bitcoin bulls hold on to an important development – a weekly golden cross between the 50 and 200 moving averages (MA). This historic event, which coincides with the immediate hype of ETFs, represents a pivotal moment in Bitcoin's history. Notably, the dreaded weekly death cross has shocked Bitcoin bulls since the beginning of last year but has since been negated.
Read also: Bitcoin ETF hype sparks golden opportunity for short sellers; Here's how
As a result, Bitcoin price is likely to continue with a bullish outlook in the near term with inevitable corrections that will provide buying opportunities.
What then?
It is safe to say that there is always a bull market somewhere in the cryptocurrency industry. With the price of Bitcoin showing early signs of a potential reversal, Ethereum (ETH) is leading the altcoin market on a long-awaited rally.
Indeed, Bitcoin dominance is expected to fall below 50 percent in the coming months despite the notable gains made by Bitcoin exchange-traded funds in the first three days of trading.
Read more: Volatility coming? Altcoin Season and Bearish RSI Hint in Bitcoin Decline
Is Bitcoin poised for another rally, or will altcoins steal the spotlight?
