Bitcoin Risks Further Decline As Bearish Death Cross Returns
2024年8月16日 - 10:00PM
NEWSBTC
A crypto analyst has unveiled a new bearish death cross for Bitcoin
(BTC), the world’s largest cryptocurrency. According to the
analyst, Bitcoin is at risk of further price stalls before any
potential upward movement. Bitcoin Prints Another Bearish
Death Cross In an X (formerly Twitter) post on August 15, a crypto
analyst identified as ‘Mags,’ shed light on Bitcoin’s recent price
movements, emphasizing key pattern formations and the
cryptocurrency’s future outlook. Sharing a chart illustrating
Bitcoin’s price action from October 2023 to August 2024, Mags
observed that BTC has printed a bearish death cross on the daily
chart, where the 50-day Moving Average (50 MA) crosses below the
200-day Moving Average (200 MA). Related Reading: XRP Price
Prediction: Analyst Says God Candle Will Send Price To $57 The
analyst indicated that the formation of this death cross signals a
potential short-term weakness in the Bitcoin market. Generally, a
death cross pattern in a cryptocurrency’s chart suggests the
probability of further bearish momentum and price declines.
According to Mags, Bitcoin’s recent bearish cross is the second
death cross the cryptocurrency has formed since its price bottom at
$15,500. He revealed that the previous bearish cross had occurred
in September 2023, when Bitcoin was trading at $25,000,
representing less than half of its current price. Following
the 2023 bearish cross, Bitcoin traded sideways for several weeks,
marked by considerable market volatility. However, the
cryptocurrency’s price eventually regained momentum and reclaimed
the moving averages. This led to a bullish cross, where 50 MA
surpassed the 200 MA, triggering a strong upside rally. Mags
suggests that Bitcoin is currently replicating the same death cross
pattern observed in previous trends. He predicts that the pioneer
cryptocurrency will experience a few weeks of “choppy price
action,” followed by a bullish confirmation if it succeeds in
reclaiming the moving averages. The analyst further anticipates a
significant bullish cross, potentially leading to a strong rally
for Bitcoin. Bullish Rise To $143,000? In another X post, a
crypto analyst identified as ‘Milkybull Crypto,’ shared a more
optimistic price forecast for Bitcoin. By referencing a price chart
that tracks Bitcoin’s movement from 2022 to the end of 2024, the
analyst drew a parallel between the cryptocurrency’s current market
situation and certain events that occurred in 2023. According
to Milkybull Crypto, many analysts had predicted a significant
Bitcoin crash to $10,000 in 2023. However, the market defied these
bearish expectations with an unexpected upward momentum.
Related Reading: Prepare For Impact: Shiba Inu Whales Increase
Their Holdings By 600% In A Single Day The crypto analyst has
disclosed that a similar situation was presently unfolding in the
market, with most analysts calling for a Bitcoin cycle top. He
expects that in the fourth quarter (Q4) of 2024, Bitcoin will
exceed all predictions, rising towards $95,000, before experiencing
a massive surge to $145,000. As of the latest update, the
price of Bitcoin is trading below the $59,000 mark. CoinMarketCap
reports that the cryptocurrency had experienced a 4.32% decline
over the past week which had pushed it to a current price to
$58,484. Featured image created with Dall.E, chart from
Tradingview.com
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