Bear signals in the chart? (Symbol image, photo: Freepik, Pikisuperstar)
Corrected Bitcoin (BTC), almost completely lost its winnings of the past 7 days. The course now heads for a so-called “death cross”, thus frightening some traders: the bear’s chart formation is preceded by landslides. Our forecast: What exactly does that mean for the upward trend – and how deep can Bitcoin fall?
Bitcoin: Forecast warns of upcoming “death cross”
Although he always tried over $ 90,000, he was over, but at $ 88,486 it was over: Bitcoin (BTC) has not come too far within the last week, now moves all the more faster. From yesterday’s high at $ 87,676 it went down to $ 85,038 overnight – a minus of more than 3 percent.
The rest of the markets also withdraw intensively: Ethereum (ETH), for example, records a daily loss of minus 6.03 percent, with XRP from Ripple (XRP) it is minus 6.74 percent, Solana (SOL) falls minus 5.34 percent. The biggest loser in the crypto top-100: Dex token Pancakewap (cake, minus 13.13 percent), Lido Dao (LDO, minus 10.02 percent) and Memecoin floki (floki, minus 9.8 percent). Only a handful of cryptocurrencies, including Four Coin (shape, plus 5.3 percent) and Toncoin (clay, plus 2.53 percent), the cryptocurrency of the popular Telegram messenger. Overall, the global crypto market capitalization has a decline of minus 3.33 percent within the last 24 hours-so it goes down a broad front.
Was the rally just a “bull trap”? Particularly bitter: Analysts warn of a so-called death cross (“Death Cross”) on the Bitcoin chart-a devastating-bear formation that was sensitive to the course in the past.
An overview: A death cross was also formed in early 2018. Bitcoin fell to $ 3,200 in the following months from around $ 10,000 – a decrease of a whopping 68 percent. The same thing in mid -2019: Bitcoin shows a death cross on the chart – and then falls more than 35 percent. Likewise in early 2022: Bitcoin is $ 40,000, the Cross of Death appears – and the price stumbles until June at around $ 17,600 (minus $ 56 percent). In other words, the reset between 30 and 70 percent is possible. Does it come again this time?
Forecast: Bitcoin soon at $ 70,000?
The trend is still upward, explains top crypto analyst Michael van de Poppe in a new forecast. But: “It doesn’t look quite as good anymore”. In the short term, the $ 84,000 mark must hold, otherwise the next stage will probably be downwards. The popular technical chart Benjamin Cowen confirms: “Bitcoin will soon have a death cross in front of him.” This is shown by Cowen a chart with the Bitcoin course And the short -term development: According to this, the Cross of Cross could occur between the end of March and mid -April 2025 – specifically between March 30, 2025 and April 10th.
Trading legend Peter L. Brandt Also complements the forecast with a price goal: A case of $ 70,000, according to the 80-year-old raw material dealer about the Bitcoin course, is “not inappropriate expectation”. From currently $ 85,000 up to $ 70,000: that would be a reset by 17.64 percent. And yet: the long -term upward trend would remain undamaged. Historically, Bitcoin runs through such reset as corrections within a larger upward trend – and a decline in the expected magnitude is within the framework of the typical volatility. Or, formulated differently: convinced Bitcoin investors may soon receive attractive purchase opportunities.
Disclaimer:
The author and/or connected persons or companies have cryptocoins, including bitcoins. This article represents an expression of opinion and no investment advice.