Bear situation started to strengthen as Bitcoin price turned back from resistance levels. Now the technical signs also support it. Let’s listen to the crypto analyst’s “Death Cross” and dump warning.
“Death Cross” and dump comment in Bitcoin
The famous Bitcoin technical indicator called “Death cross” appears on the horizon again. This could mean the Bitcoin bull market is over. Cryptocurrency expert “Rekt Capital” also draws attention to this bearish sign on the charts, saying:
“BTC always records deeper downward moves when the Death Cross occurs.”
“Death Cross” is a technical pattern name that appears on the charts and usually indicates a large selling wave or strengthening of a downtrend. This pattern is seen when the short-term moving average of the asset slides below the long-term moving average.. The moving averages (MA for short) commonly used here are the 50-day MA and the 200-day MA.
Expert “Rekt Capital” (@rektcapital) says:
“BTC potential about to be caught by a Death Cross. When Death Cross occurs, BTC will see a deeper decline.”
After saying this, the analyst gives examples from historical Death Cross events.. He points out that generally there are decreases of 70 percent.. If the Death Cross stated by the analyst occurs, the possible bottom target of the formation may be at $18,000.
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Bearish trend pattern
The analyst also states that there is still time before the “death cross” occurs and there may be many selling pressures before then.
Bitcoin is at the highest level of all time at $65,000. After recording its high value, it lost 43.5 percent. Of course, this is not an unusual fix.. However, the analyst’s technical sign indicates that there may be more painful days ahead.
The analyst gives an example of the bull market in 2017 and tells how long it took for a death cross to form.
“When BTC peaked in 2017, it took 107 days for the Death Cross to form. That’s 3.5 months. And during these 3+ months, Bitcoin dropped 70 percent from its $20,000 peak.”
The crypto expert also noted that there was a death cross in April 2018, and that the BTC price was 65 percent. highlights that it has made an additional correction in the rate. As a result, Bitcoin dropped to $3,200 in December.
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