A crypto analyst has unveiled a new one bearish deathcross for Bitcoin (BTC)the world’s largest cryptocurrency. According to the analyst, Bitcoin is at risk further price increases before there is a possible upward movement.
Bitcoin Prints Another Bearish Death Cross
In an X (formerly Twitter) after on August 15, a crypto analyst identified as “Mags” shed some light Bitcoin’s recent price movementshighlighting key pattern formations and the future prospects of the cryptocurrency. Mags shared a chart illustrating Bitcoin’s price action from October 2023 to August 2024 and noted that BTC 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).
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The analyst indicated that the formation of this death cross indicates a potential near term weakness in the Bitcoin market. In general, a death cross pattern on a cryptocurrency’s chart suggests the likelihood 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 the $15,500 bottom price. He revealed that the previous bearish cross had occurred in September 2023, when Bitcoin was trading at $25,000, which represented less than half of its current price.
After the 2023 bearish cross, Bitcoin traded sideways for several weeks, marked by significant price declines market volatility. However, the cryptocurrency’s price eventually regained momentum and regained the moving averages. This led to a bullish crosswhere 50 MA surpassed the 200 MA, causing a strong upward rally.
Mags suggests that Bitcoin is currently replicating the same thing death cross pattern observed in previous trends. He predicts that the pioneer cryptocurrency will see a few weeks of “shocking price action,” followed by bullish confirmation if it manages to regain the moving averages. The analyst further expects a significant bullish cross, which could potentially lead to a strong rally for Bitcoin.
Bullish rise to $143,000?
In another X messagea crypto analyst identified as ‘Milkybull Crypto’, shared more optimistic price forecast for Bitcoin. Referring to 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 took place in 2023.
According to Milkybull Crypto, many analysts had one significant Bitcoin crash to $10,000 by 2023. However, the market defied these bearish expectations with unexpected upward momentum.
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The crypto analyst has revealed that a similar situation is currently happening in the market, with most analysts calling for one Bitcoin cycle top. He expects Bitcoin to exceed all forecasts in the fourth quarter (Q4) of 2024, rising to $95,000 before experiencing a massive surge to $145,000.
As of the last update the price of Bitcoin is trading below the $59,000 mark. CoinMarketCap reports that the cryptocurrency had seen an increase of 4.32% reject in the past week, which had pushed the stock to a current price of $58,484.
Featured image created with Dall.E, chart from Tradingview.com