Bitcoin price can hit $160K in October as MACD golden cross returns

Cointelegraph

Key points:

Bitcoin sees a repeat bull signal from its MACD indicator, which last came in early April.
Price then climbed 40% in a month, which this time would give BTC a $160,000 target.
US macro data is quickly making traders short-term bullish on Bitcoin.

Bitcoin could reach $160,000 in September as a classic onchain indicator flips bullish.

New findings from popular trader BitBull reveal a key “golden cross” on Bitcoin’s moving average convergence/divergence (MACD) chart.

Bitcoin MACD repeats April golden cross

Bitcoin may perform worse in September than any other month on average, but this year could form a major exception.

MACD, which compares price action across shorter and longer timeframes using two simple moving averages (SMAs), has offered bulls a reason to celebrate.

On Sept. 5, the MACD line, a derivative of the SMAs, crossed above the signal line, which is a 9-period exponential moving average (EMA) of the MACD line used for buy and sell signals.

This has positive implications for short-term price strength, but this latest cross is even more interesting.

“Bitcoin just had a MACD golden cross on the daily timeframe. But this one is a bit different,” BitBull explained this week.

“For the first time since April bottom, BTC had a MACD bullish cross below 0 line.”

Negative MACD values reflect local downtrends, and the cross provides fresh fuel for a market rebound.

“Last time it happened, BTC rallied 40% in a month and hit a new ATH,” BitBull notes.

If history repeats, would reach $160,000, already a popular price target for a 2025 high.

Inflation data boosts BTC price sentiment

Bullish sentiment continues to flow back into crypto thanks to macroeconomic shifts.

US inflation data has buoyed risk assets and gold, with expectations favoring interest-rate cuts by the Federal Reserve to restart from next week.

The August print of the Consumer Price Index (CPI) is due on Thursday, with traders keen to see a positive result build on BTC price upside.

“If we get a similar print, that'll confirm the rate cut later this month, and markets will react positively,” popular trader Jelle summarized in part of pre-CPI market coverage on X.

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Bitcoin price can hit $160K in October as MACD golden cross returns

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