Bitcoin (BTC) Prints Another Bearish Death Cross, Replicating 2023 Trend

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.

A crypto analyst has observed a bearish death cross for Bitcoin (BTC), indicating a potential short-term weakness in the market.

Key Points:

A crypto analyst has identified Bitcoin forming another bearish death cross on the daily chart.

The death cross formation signals a potential short-term weakness in the Bitcoin market.

Bitcoin has formed two death crosses since bottoming out at $15,500, with the previous cross occurring when the cryptocurrency was trading at $25,000.

After the 2023 bearish cross, Bitcoin traded sideways for several weeks before regaining momentum and eventually crossing the moving averages, leading to a strong upside rally.

A renowned crypto analyst predicts that Bitcoin will experience a few weeks of choppy price action before potentially experiencing a bullish confirmation if it manages to reclaim the moving averages.

A separate crypto analyst has shared an optimistic price forecast for Bitcoin, anticipating a rise towards $143,000 based on a comparison with market events in 2023.

A crypto analyst has highlighted Bitcoin forming another bearish death cross on the daily chart, where the 50-day Moving Average (50 MA) crosses below the 200-day Moving Average (200 MA). Sharing a chart illustrating Bitcoin’s price action from October 2023 to August 2024, the analyst, who goes by the handle ‘Mags,’ observed key pattern formations and the cryptocurrency’s future outlook.

According to Mags, 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.

Bitcoin Bearish Cross At $58K, More Choppy Price Action Coming? – Mags pointed out that Bitcoin has formed two death crosses 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, less than half 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 crossed the moving averages again, leading to a bullish cross where 50 MA surpassed 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.

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.

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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.

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