Bitcoin, the world's leading cryptocurrency, is on the verge of experiencing a significant milestone in its price chart that could signal the start of an early bull market. Alistair Milne, an entrepreneur, recently highlighted the formation of Bitcoin's first-ever weekly golden cross, a unique and bullish chart pattern.

This development comes after Bitcoin's remarkable price surge, which has resulted in year-to-date gains of 165%. Now, Bitcoin is poised to witness a crossover of two key weekly moving averages (MAs), the 50-week MA and the 200-week MA. The 200-week MA, which acts as a significant support level during bear markets, has never been breached in value since its inception.

Earlier this year, Bitcoin made headlines when its spot price fell below the 200-week MA in an unprecedented move. However, the cryptocurrency has since regained strength and is on track to surpass the 200-week MA with the 50-week MA, forming a "golden cross." This classic bullish signal on lower timeframes suggests the potential for further price upside.

"The 50-week moving average will soon cross back above the 200-week MA, making a 'golden cross' for the first time. This indicates an early bull market," commented Milne, expressing optimism about the potential for significant gains in the future.

Data from Cointelegraph Markets Pro and TradingView suggests that the weekly golden cross could materialize before the end of 2023, further fueling excitement among Bitcoin traders and analysts.

However, not all market commentators share the same bullish sentiment. Some believe that the recent surge in Bitcoin's price could be short-lived and that powerful sellers may still have the ability to drive the market lower. One popular trader, Crypto Chase, revealed a short BTC position as the price crossed $43,000, warning of a possible drop to the low $20,000 range.

Another controversial trader, Il Capo of Crypto, has maintained a bearish outlook on Bitcoin, predicting a bottom target of $12,000. In a recent post to Telegram channel subscribers, he even anticipated a "big dump" to $30k-31k with a significant drop in altcoin prices.

As the debate regarding Bitcoin's near-term direction continues, market participants eagerly await the formation of the weekly golden cross to gain further insights into the potential trajectory of the cryptocurrency.

In conclusion, Bitcoin's imminent formation of the first-ever weekly golden cross suggests the beginning of an early bull market. While some analysts remain cautious, optimistic traders see this as a significant indicator of potential price upside. The cryptocurrency market remains dynamic and unpredictable, so investors are advised to exercise caution and closely monitor market developments.