The popular analyst Benjamin Cowen sees the graphs of Bitcoin a major problem. It is a Death Cross pattern that, according to him, can cause a huge decrease in the bitcoin course. Cowen thinks the pattern can be completed for Bitcoin in one to two weeks.
When do we speak of a Death Cross?
In this case we speak of a Death Cross as the 50-day average of Bitcoin dives below the 200-day average. And according to Cowen, it is quite possible that the Bitcoin course reacts before the pattern is complete.
“It often happens that a sales wave is created for a Death Cross. Just before. If that is again the case, it can be a frightening time,” said the analyst.
Based on his graph, Cowen seems to suggest that Bitcoin, just like in 2019 and 2021, a considerable correction is waiting. “Normally Bitcoin makes a bottom around the moment of a Death Cross, and depending on how deep the course is at the moment, that again says something about the fate of the next rally,” the analyst said.
According to Cowen, a decrease under $ 70,000 can yield the end of the bullmarkt for Bitcoin. That should therefore be prevented as far as he is concerned.
Bitcoin must remain above $ 73,000
“If Bitcoin manages to stay over $ 73,000, we can’t guarantee anything, but that would suggest that the structure of the market remains intact,” says Cowen.
At the time of writing, the Bitcoin course brings in at $ 83,790. This means that there is a decrease of 1.48% on the signs for the last 24 hours.
Measured throughout the week, it has been a spicy period, especially for Altcoins. XRP, for example, lost 11.51%, Ethereum fell by 5.70%and Cardano fell by 4.45%.
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Source: https://newsbit.nl/topanalist-ziet-death-cross-voor-bitcoin-ontstaan/
