Cryptocurrency analyst reveals up-to-date bearish death cross for Bitcoin (BTC)world’s largest cryptocurrency. Bitcoin is at risk, analyst says further price stagnation before any potential upward movement.
Bitcoin Prints Another Bearish Death Cross
WX (formerly Twitter) fasting On August 15, a cryptocurrency analyst nicknamed “Mags” shed lithe on Recent Bitcoin Price Fluctuationshighlighting key pattern formations and the future outlook for the cryptocurrency. Sharing a chart illustrating Bitcoin’s price action from October 2023 to August 2024, Mags noted that BTC has printed bear death cross on the daily chart, where the 50-day moving average (50MA) crosses the 200-day moving average (200MA).
The analyst pointed out that the formation of this death cross signals a potential short-term weakness in bitcoin marketOverall, a death cross pattern on a cryptocurrency chart suggests the likelihood of continued bearish momentum and price declines.
According to Mags, Bitcoin’s latest bearish cross is the second deadly cross to form since the cryptocurrency’s price bottomed out at $15,500. He revealed that the previous bearish cross occurred in September 2023 when Bitcoin was trading at $25,000, which was less than half of its current price.
After the bearish cross of 2023, Bitcoin moved sideways for several weeks, which was characterized by significant market volatility. However, the cryptocurrency’s price eventually regained momentum and reclaimed the moving averages. This led to bull crosswhere the 50-level moving average crossed above the 200-level moving average, triggering a mighty rally.
Mags suggests that Bitcoin is currently replicating the same thing death cross pattern observed in previous trends. He predicts the pioneering cryptocurrency will experience several weeks of “choppy price action” followed by a bullish confirmation if it manages to reclaim the moving averages. The analyst further predicts a significant bullish cross, potentially leading to mighty rally for Bitcoin.
Bullish Rise to $143,000?
In another Posts XA cryptocurrency analyst who goes by the nickname “Milkybull Crypto” shared more bullish bitcoin price forecastReferring to a price chart tracking Bitcoin’s movements from 2022 to the end of 2024, the analyst drew a parallel between the cryptocurrency’s current market situation and certain events that took place in 2023.
According to Milkybull Crypto, many analysts predicted that significant bitcoin crash to $10,000 in 2023. However, the market defied these bearish expectations by showing an unexpected growth.
A cryptocurrency analyst revealed that a similar situation is currently taking place in the market, with most analysts calling for Bitcoin Cycle at its Peak. Expects Bitcoin to exceed all forecasts in the fourth quarter (Q4) of 2024, rising to $95,000 before soaring to $145,000.
According to the latest update, bitcoin price is trading below $59,000. CoinMarketCap reports that the cryptocurrency has seen a 4.32% raise decrease over the past week, bringing the current price to $58,484.
Featured image created with Dall.E, chart from Tradingview.com
