Sharing a chart illustrating Bitcoin’s price action from October 2023 to August 2024, Mags observed that BTC has printed a bearish death cross on the daily chart, where the 50-day Moving Average (50 MA) crosses below the 200-day Moving Average (200 MA). Related Reading: XRP Price Prediction: Analyst Says God Candle Will Send Price To $57 The analyst indicated that the formation of this death cross signals a potential short-term weakness in the Bitcoin market.
According to the analyst, Bitcoin is at risk of further price stalls before any potential upward movement. Bitcoin Prints Another Bearish Death Cross In an X (formerly Twitter) post on August 15, a crypto analyst identified as Mags,’ shed light on Bitcoin’s recent price movements, emphasizing key pattern formations and the cryptocurrency’s future outlook.
By referencing a price chart that tracks Bitcoin’s movement from 2022 to the end of 2024, the analyst drew a parallel between the cryptocurrency’s current market situation and certain events that occurred in 2023. According to Milkybull Crypto, many analysts had predicted a significant Bitcoin crash to $10,000 in 2023.
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