BTC: The Apocalypse is Nigh? 🚨
As the great Russian poet, Alexander Pushkin, once said, “A death is a fact, but a funeral is a ceremony.” And, my friends, it seems that Bitcoin is about to attend its own funeral, courtesy of analyst Benjamin Cowen 🤯.
Cowen, a man of great insight, warns that a “death cross” is looming over Bitcoin, a bearish signal that could trigger a massive leg down for the cryptocurrency 🚨.
A death cross, for those who don’t know, is a bearish signal that occurs when an asset’s 50-day moving average crosses below its 200-day moving average. It’s like a dark cloud hovering over the market, casting a shadow of despair 🌫️.
But wait, there’s more! Cowen suggests that a sell-off could precede the death cross, like a eerie premonition of the impending doom 🕷️.
“There’s plenty of times where there’s a sell-off just before the death cross, just before it… If it happens again, it could be kind of a scary time.”
Based on Cowen’s chart, it seems that a looming death cross foretells a Bitcoin correction, as witnessed in 2019 and 2021. Ah, the memories of those glorious days when Bitcoin was still a fledgling, full of hope and promise 🌈.
The widely followed analyst also shares his outlook in the event that his bearish prediction takes place. It’s like reading a Russian novel, full of intrigue and suspense 📚.
“Usually there’s a low around the time of that death cross and depending on how low the price is at that time would sort of give us some insight into the fate of the next rally – whether it’s a rally to a new high or just a counter-trend rally to a lower high.”
According to Cowen, a drop below $70,000 could mean that Bitcoin has broken the market structure and will not rise above the current all-time high of around $109,000. Ah, the agony of defeat! 😩
“…[BTC could] resolve to a lower high if Bitcoin goes into the $60,000s, especially the low $60,000s… …if it’s like $63,000, it’s going to be hard to ignore.”
If Bitcoin carves a local bottom above $70,000, Cowen says,
“If it holds above $73,000, then there’s no guarantee with the market, but it would suggest that the structure of the market remains intact.”
Bitcoin is trading at $85,052 at time of writing. Ah, the cruel fate of being a cryptocurrency investor! 😩
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2025-03-29 10:21