Warnings are issued when anything that could happen to Bitcoin goes wrong. Yesterday (June 4th) Elon Musk posted a “heartbreak” tweet that coincided with a 3% drop in the hour.

After Bitcoin’s 54% crash less than a month ago, a return to crypto winter dominates. Does this mean the end of the bull market with a death cross?

Bitcoin bulls have to keep going

Bitcoin price was declined at $ 39,200. This level has become a strong resistance area and has been turned down here six times in the past two weeks.

While death crosses are often referred to as the beginning of a long and sustained downward movement, analyst Rekt Capital doesn’t believe it always does. “Still a macro uptrend, but there will be more downtrend when the death cross hits.”

When the Death Cross hits, Rekt predicts that Bitcoin could be at $ 18,000. This calculation is based on the symmetry of the loss percentages before and after the death cross.

Bitcoin is down 54% from Elon Musk’s FUD, with another 54% expected when the Death Cross hits.

That adds up to about $ 18,000. “

The death cross is a reliable indicator of serious tracing How?

The Death Cross is a technical chart pattern that shows significant sell-off potential. It occurs when the short-term moving average (MA) of an asset falls below its long-term moving average.

Analysts often use the 50-day MA and 200-day MA to represent these time frames.

They’ve proven to be a reliable predictor of some of the toughest old bear markets like 1929, 1938, 1974, and 2008. But as Rekt Capital mentioned, they weren’t always.

The last time a death cross for Bitcoin occurred at the end of March 2020, shortly after the “Corona incident”. The Death Cross resulted in a relatively insignificant drop from $ 6,700 to $ 5,900 (-12%) in three days.