• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin Price “Death Cross” 10 Days Out as BTC Stagnates at $8,000

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

While mere days ago analysts were calling for Bitcoin (BTC) to correct higher to $9,000 and potentially even higher, this bullish scenario has not panned out. On the contrary, in fact. Since the weekend, the leading cryptocurrency has returned to $8,000 and has even started to flirt with the $7,000s once again.

Related Reading: Bitcoin Actually Accepted? Luxury Car Firm Explores Blockchain and Crypto Payments

This renewed selling pressure has reignited the fears that things are about to get ugly for this market once again — (as if the 45% correction from $14,000 wasn’t bad enough).

Bitcoin Death Cross Looms

Analyst Chonis recently noted that Bitcoin’s 50-day and 200-day moving averages are currently preparing to see a “death cross” in the coming ten days.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

For those not versed in technical analysis, a “death cross” is when a short-term moving average, often the 50-day as it is indicative of short-term trends, crosses below a long-term moving average, often the 200-day. As Investopedia accurately defines the term, “The death cross is a technical chart pattern indicating the potential for a major selloff.”

$BTC – “Death Cross” setting up on or about 10days “ish” from now …check out what happened in 2018 when the MA50 crossed down into the MA200 on the daily #bitcoin chart… pic.twitter.com/GkodPsv38g

— Big Chonis Trading? (@BigChonis) October 17, 2019

Should this technical pattern come to fruition on Bitcoin’s chart, it will show that bears have control of this market. As Chonis pointed out, the last death cross, which was observed in 2018, marked the commencement of a long-term price correction.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Related Reading: Bitcoin Breaks Below Key Support; Movement to $7,000 May Be Inbound

Not the End of the World

While the previous death cross seen in 2018 sent Bitcoin investors capitulating, it is important to note that this technical formation is not a definite sign of “doom”, so to speak. Look to the chart below as a case in point.

What I’m showing you above is mid-2015 to early-2016, the period after Bitcoin had bottomed and had begun to enter into a fresh long-term bull trend. As you can see, the white line, the 50-day moving average, crossed bearishly in September 2015 as Bitcoin consolidated after a price drop. What’s interesting in this case is that BTC didn’t fall further, instead, it actually started to creep higher.  The same could take place here, albeit the odds of this scenario playing out are not 100%.

What’s more, there are still a number of signs showing that Bitcoin is at the start of a macro bull trend, not in a redux of last year’s brutal so-called “Crypto Winter.”

Analyst Mitoshi Kaku recently pointed out that Ichimoku Cloud’s (for Bitcoin’s one-month chart) first lead line has crossed above its second, flipping green for the first time in months. He wrote in a response to the inquiry about the indicator that this “could be the start of something beautiful”, referencing the idea that the Ichimoku Cloud is currently predicting that BTC is likely to see months, maybe years of positive price action.

That’s far from the end of it. In August, the three-day Bitcoin chart on Bitstamp printed a “golden cross” back in early-August.  What’s notable about this is the last time this technical event played out was early-2016, February 2016. What followed this last golden cross was the rally from $500 to $20,000 — a jaw-dropping 4,000% move — in under 24 months, of course. Should history repeat from here, Bitcoin could reach $400,000 by mid-2021.

Related Reading: Bitcoin Will See 90% Rally to $15,000 By 2020 Halving, Model Predicts
Featured Image from Shutterstock
Tags: analysisbitcoindeath cross
Tweet123Share218ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

Bitcoin Selling Pressure Continues As Long-Term Holder SOPR Spikes Up

4 hours ago
Bitcoin and Ethereum

Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles To Recover

6 hours ago
Time For Autopsy? Bitcoin May Plunge Further After Dive Below $30k

Time For Autopsy? Bitcoin May Plunge Further After Dive Below $30k

9 hours ago
Bitcoin

Funding Rates Fall To Yearly Lows Following Bitcoin’s Fall Below $29,000

24 hours ago
Bitcoin Whales

Bitcoin Bearish Signal: Whales Ramp Up Dumping

1 day ago
China flag waving on cold weather

New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Can Gnox (GNOX) become a crypto giant like Cardano (ADA)?

May 19, 2022

Terra (LUNA) and Binance (BNB) Experienced a Terrible Week While Presale Crypto Chronoly (CRNO) Is Flying High

May 19, 2022

3 Years, 6 Lamborghinis: FreeBitco.in’s “Biggest Giveaway in Crypto” Continues Its Legacy

May 19, 2022

SFUND To Be Listed On The Leading Global Crypto Exchange Huobi Global

May 19, 2022

Diversify your crypto portfolio with Pac-Man Frog (PAC), Monero (XMR), and Aave (AAVE)

May 19, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Spin & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.