Bitcoin will face a “death cross” if the cops don’t move on

Fears of the Death Cross bring the market to a standstill, but are they always a sign of a serious downturn?

Crypto YouTuber Lark Davis pointed out that Bitcoin is headed for a death cross “unless something changes soon”. At the current price, a bearish technical pattern should emerge in mid-June.

Unless something changes for soon #bitcoin then we could stare at a death cross in mid-June !!! pic.twitter.com/K3pkvNrnPx

– Lark Davis (@TheCryptoLark) June 4, 2021

“If something doesn’t change for Bitcoin soon, we could see a death cross in mid-June !!!”

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.

fifteen.

So since #BTC has already crashed -54% and should this symmetry exist, BTC could crash another -54% if a death cross happens today

This would result in an amount of ~ $ 18,000 $ BTC pic.twitter.com/01Dc41PtK1

– Rekt Capital (@rektcapital) June 1, 2021

“Since Bitcoin has decreased by -54% and this symmetry is maintained, Bitcoin could drop another -54% if a death cross occurs today.

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.

One Golden cross (Golden Cross), where the 50-day MA exceeds the 200-day MA, occurs about six weeks later.

Even so, there is no guarantee that a similar outcome will happen if we get the Death Cross in the next week or so.

Mr. Teacher

According to Cryptoslate

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