Crypto Analyst: Bitcoin Is On The Verge Of A Potential Death Cross

Bitcoin is moving in the mid-to-high range of $30,000. At the time of writing, the leading cryptocurrency by market cap is trading at $37,347 on the daily chart, with a 2.8% increase and moderate losses on higher timeframes. BTC is moving sideways on the daily chart. Source: BTCUSD Tradingview The price of BTC was rejected at $38,000. This level has become a significant resistance and must be overcome for the recovery to be successful. Anonymous analyst Rekt Capital believes there may be more downside in the coming weeks as BTC's price action points to a "Death Cross" formation. This indicator appears when the price of the BTC 50 Exponential Moving Average (EMA) falls below the 200 Exponential Moving Average (EMA). They are the opposite of the "Golden Cross", this indicator is admirable and a sign that the bulls will resume the offensive. There is usually a broad bearish period for BTC price with a "Death Cross" as the analyst calls it. During the 2013 bull run, it took Bitcoin 135 days, or about 4 months, to generate this indicator. Meanwhile, the price dropped 73%. Rekt Capital said: The Cross of Death takes place with some delay. So when that happens, a lot of downsides will have already happened. However, the Death Cross confirms the bearish bias and precedes even more bearish pressure. And in 2013, Death Cross preceded an additional -71% drop…Source: Rekt Capital Bitcoin Bear Market Approaching? Therefore, BTC price may continue to decline in the near term. This has historically happened multiple times in 2013, 2017 and 2019 and coincided with local peaks. The average duration of the formation of this indicator is from 107 to 149 days. If the analyst is right, the "Cross of Death" should occur in late July and early September of the current year, as can be seen in the chart below. A third scenario places the formation of this indicator for the current month, Rekt Capital said: Currently, the 50 EMA (blue) and 200 EMA (black) are converging.

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