Bitcoin Death Cross Threatens To Trigger Crash If Price Does Not Hold $62,000

Quick Summary:

The crypto analyst specifically drew comparisons to the Death Cross, which occurred in 2019, to provide insights into what Bitcoin’s next move might be.  He noted that the Death Cross in 2019 marked a local top for the flagship crypto, as it went on to record lower highs after then, and its price was bearish for about four months afterward.

However, Cowen admitted that things could play out differently this time, noting that indicators like these tend to play out in a "slightly different way” throughout different cycle phases.  The timing of this Death Cross could also provide insight into what might happen next for Bitcoin.

Cowen noted in a video posted on his YouTube channel that Bitcoin is at risk of dropping lower if it fails to hold above $62,000 heading into the Death Cross.

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Article Details

Author / Journalist: Scott Matherson

Category: Crypto

Markets: United Kingdom

Topics: Death cross BTCUSDT Bitcoin Btcusd 200-Day Moving Average YouTube Btc Bitcoin Benjamin Cowen Labor market Interest Rates Federal reserve

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-11 @ 04:00:44 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 483 words

Reading Time: 3 minutes read

Sentences: 62 lines

Sentence Length: 8 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 22012040

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