An analyst in the crypto world has revealed a brand new way to store cryptocurrency. bearish death cross for Bitcoin (BTC)The world’s biggest cryptocurrency. Bitcoin, according to an analyst is in danger of further price stalls Before any possible upward movement.
Bitcoin Prints Yet Another Bearish Death Cross
Twitter (formerly In an X) post on August 15, a crypto analyst identified as ‘Mags,’ shed light on Bitcoin’s recent price movementsThe article highlights key formations of patterns as well as the future prospects for cryptocurrency. Mags shared a chart that showed Bitcoin’s prices from October 2023 until August 2024. She noted how BTC had increased in value. printed a bearish death cross The 50-day Moving Avg. (50 MA) will cross below the 200 Day Moving Average (200 MA) on the chart.
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Analysts have indicated that this formation is a short-term warning of a possible recession. weakness in the Bitcoin market. In general, the death cross pattern on a chart for a cryptocurrency indicates the likelihood of future price decreases and bearish momentum.
Mags says that Bitcoin’s latest bearish crossing is the second cross death the cryptocurrency since its bottom price at $15.500. Mags revealed that Bitcoin’s previous bearish crossing occurred back in September 2023 when it was priced at $25,000. That is less than half its current value.
Bitcoin’s price has been sideways since the 2023 cross for several months, despite a significant increase in its value. market volatility. The cryptocurrency price recovered momentum eventually and returned to the moving averages. It led to an bullish crossWhen the 50 MA exceeded the 200 MA it triggered a powerful rally to its upside.
Mags says that Bitcoin currently replicates the same. death cross pattern Observed in past trends. He says that the first cryptocurrency is likely to experience some volatility in a few short weeks. “choppy price action,” If it is able to reclaim the moving averages, a confirmation will follow. This analyst also anticipates that a large bullish cross could potentially lead to a strong rally for Bitcoin.
Bullish Rise To $143,000?
Then there’s another X post, a crypto analyst identified as ‘Milkybull Crypto,’ shared a more optimistic price forecast for Bitcoin. The analyst, by referring to a chart of Bitcoin’s price movement between 2022 and 2024, drew parallels with the current cryptocurrency market conditions as well as certain events in 2023.
Milkybull Crypto claims that a number of analysts have predicted this outcome. significant Bitcoin crash In 2023, the market is expected to reach $10,000. The market has surprised many with its unexpected upswing.
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Crypto analyst revealed that the current market situation is similar, and most analysts are calling for an a Bitcoin cycle top. He believes that Bitcoin’s value will surpass any predictions in 2024. It is predicted to reach $95,000 and then surge massively up to $145,000.
According to the most recent update the price of Bitcoin The price of bitcoin is currently below $59,000. CoinMarketCap states that this cryptocurrency has experienced a growth of 4.32% decline Its price has increased by $58,484 in the last seven days.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com