Bitcoin, the world’s largest cryptocurrency, is facing a new bearish death cross according to a crypto analyst known as ‘Mags.’ This recent development could potentially lead to further price stalls before any potential upward movement. The death cross pattern in Bitcoin’s daily chart occurs when the 50-day Moving Average (50 MA) crosses below the 200-day Moving Average (200 MA), signaling short-term weakness in the market.
Mags highlighted that this bearish death cross is the second one Bitcoin has formed since reaching a price bottom at $15,500. The previous bearish cross occurred in September 2023 when Bitcoin was trading at $25,000, less than half of its current price. Following the 2023 bearish cross, Bitcoin traded sideways with high volatility before regaining momentum and reclaiming the moving averages. This led to a bullish cross and triggered a strong upside rally.
Predictions and Analysis
The analyst predicts that Bitcoin will undergo a few weeks of choppy price action after the recent death cross, with a potential bullish confirmation if the cryptocurrency manages to reclaim the moving averages. This could lead to a significant bullish cross and a strong rally for Bitcoin in the near future. These predictions are based on historical trends and pattern formations observed by Mags.
In contrast to Mags’ bearish outlook, another crypto analyst named ‘Milkybull Crypto’ offered a more optimistic price forecast for Bitcoin. By referencing a price chart tracking Bitcoin’s movement from 2022 to the end of 2024, Milkybull Crypto drew parallels between the current market situation and events that transpired in 2023. Many analysts had predicted a significant Bitcoin crash to $10,000 in 2023, but the market defied expectations with unexpected upward momentum.
Conflicting Views on Bitcoin’s Future
Milkybull Crypto believes that a similar situation is unfolding in the market, with analysts anticipating a Bitcoin cycle top. Contrary to these expectations, Milkybull Crypto expects Bitcoin to exceed all predictions in the fourth quarter of 2024, rising towards $95,000 before experiencing a massive surge to $145,000. This contrasting prediction adds to the uncertainty surrounding Bitcoin’s future price movements.
As of the latest update, Bitcoin is trading below the $59,000 mark, with both bullish and bearish indicators pointing towards potential price volatility in the near term. The conflicting views from crypto analysts highlight the inherent unpredictability of the cryptocurrency market and the diverse range of opinions on Bitcoin’s future trajectory. Investors and traders must conduct thorough research and analysis to make informed decisions amidst this uncertain landscape.
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