Is Golden Cross on S&P 500 Early Signal of Bitcoin Bull Market?

Traditional markets are giving the first signals of a bullish trend reversal. The chart of the S&P 500 (SPX) has just generated a golden cross - a bullish signal that is usually a confirmation of upcoming increases.

Timeline of Bitcoin

Bitcoin retreated from a six month high on Feb. 3, as bears reentered the market ahead of today's U.S. non-farm payrolls (NFP) report. Following a move above the $24,000 level on Thursday, sentiment shifted, as traders prepared for the pivotal report, which is expected to come in at 185,000.

As the dust settles after Thursday's crypto surge following the Federal Reserve FOMC meeting, it still remains to be seen whether bitcoin and altcoins will continue their upwards trend since January 1. Bitcoin slowing down?

Ark Investment Management CEO Cathie Wood said that Bitcoin (CRYPTO: BTC) provides the greatest protection against wealth confiscation and an insurance policy for the developing world. What Happened: Wood said there's  “hyperinflation all over the world as their currencies have fallen apart,” and  “those populations need a fallback — an insurance policy like Bitcoin.

Robert Kiyosaki, a well-known entrepreneur and author of the personal finance book “Rich Dad, Poor Dad,” has long advised investors to purchase gold, silver, and bitcoin. He previously explained that he is an investor and not a trader in bitcoin, thus he feels thrilled when the price of the most popular cryptocurrency drops.

Pick n Pay, one of South Africa's leading retailers, reportedly now accepts bitcoin as payment at all its stores across the country. Using the bitcoin lightning network, Pick n Pay's customers can now buy items such as groceries, airtime and electricity tokens.

Pro-crypto investor Tim Draper's recent trip to Sri Lanka is making headlines after the Silicon Valley billionaire's Bitcoin pitch for the embattled island nation was rejected. Draper was in Sri Lanka to film an episode of his TV show.

On Friday (3 August 2023), highly popular New Zealand-based crypto analyst Lark Davis declared his year-end price target for Bitcoin ($BTC). According to data from TradingView, in the year-to-date (YTD) period, the Bitcoin price has gone from $16,615 to $23,502, which is a gain of 41.45% (vs USD).

Cathie Wood, the visionary CEO of ARK Invest and a prominent advocate of Bitcoin, has re-affirmed her prediction that the price of BTC will reach $1 million by 2030. This forecast comes amidst Bitcoin's sustained upward trend.

Bitcoin [BTC] holders were not the only recipients of welcome developments recently. Like the holders, miners who have struggled with inhospitable conditions may also have cause to celebrate in the near term.

Major coins traded in red late Thursday, as the global market cap went down 1.49% reaching $1.08 trillion, recorded at 8:30 p.m. EST. Cryptocurrency Gains (+/-) Price Bitcoin -1.80% $23,576 Ethereum -1.74% $1,649 Dogecoin  -3.66% $0.091 What Happened: The largest cryptocurrency by market value, Bitcoin (CRYPTO: BTC) traded at $23,576.