BlockBeats News, August 23rd. CoinDesk analyst James Van Straten wrote that Bitcoin tends to see price increases in the weeks leading up to a "Golden Cross." Currently, both the Bitcoin 50-day moving average (50DMA) and 200-day moving average (200DMA) have turned upwards, indicating that the market is approaching a Golden Cross formation.

In 2022, the Bitcoin price never crossed above the 200-day moving average, but the current market is establishing a new structure. He stated, "This appears to be a new market phase."

The Golden Cross is typically considered by the market as a technical signal of a strengthening medium- to long-term trend, where the short-term moving average (50-day MA) crosses above the long-term moving average (200-day MA). However, this indicator is a lagging indicator, mainly used to confirm trend changes rather than predict short-term price movements.

According to Glassnode data, Bitcoin has historically seen price increases before the 50-day MA crosses above the 200-day MA. The current BTC price has reclaimed the area near the 200-day MA, showing a significant difference from the 2022 market cycle.