%Cryptocurrency traders and investors are cheering after %Bitcoin ($BTC) formed a “golden cross,” a technical indicator that signals the current rally is likely to continue over the near-term.
The golden cross was formed as Bitcoin’s 50-day moving average overtook its 200-day moving average, signaling momentum in the rally that saw the largest cryptocurrency’s price rise nearly 25% in October, bringing its year-to-date gain to 108%.
Bitcoin’s 50-day moving average topped $28,310 U.S. and crossed the 200-day average at $28,233 U.S. in overnight trading, according to Dow Jones Market Data.
Bitcoin has been rallying on rising hopes that the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin exchange-traded fund (ETF) by year’s end.
As news of the golden cross broke, U.S. investment management firm Bernstein issued a bullish note on Bitcoin, forecasting that its price will reach $150,000 U.S. by 2025.
The bullish forecast is nearly five times larger than Bitcoin’s current price of $34,500 U.S. and more than double the cryptocurrency’s all-time high of $68,000 U.S. reached in November 2021.
Bernstein’s forecast assumes that the SEC will soon approve a Bitcoin ETF, ushering in an enormous catalyst for the largest cryptocurrency by market capitalization.
“SEC approved ETFs by the world’s top asset managers %BlackRock ($BLK), Fidelity et al, seems imminent,” wrote Bernstein in a note to clients.
Other cryptocurrencies also continue to rally, with the price of Ethereum (ETH), the second largest digital token, gaining 20% during the month of October.