Bitcoin Price Likely To Experience A Death Cross This Weekend!
The crypto space is showcasing an extreme volatility offlet with the major tokens switch to passive mode. The price movement especially after the mid-may crash appears to be very much uncertain. The bitcoin price also follows a similar trend as a notable dump follows each time it surges.
The BTC price slipped below the 50-day MA in the previous trading day and by initiating a recovery since the early trading hours, the price is on the verge to cross these levels soon. But if the 200-day MA is considered, then the price is much above these levels. In an interesting event, both these trend lines are expected to cross each other which may result in a ‘death cross’.
Moreover, the death cross which is a technical chart pattern indicates the potential for a major sell-off. One of the popular analysts, Lark Davis predicts the Bitcoin death cross may occur this weekend.
Unless we get a big news event like Facebook announcing a billion dollar BTC buy, then we will get the #bitcoin death cross this weekend. Don't panic! pic.twitter.com/FZfMA5NoK9
The analyst also asked his followers to not get panicked and fall into the trap of the bears. The recent slump, a couple of days before had also signalled for a death cross, yet the notable jump diminished the possibilities. However, the price still remained below $40,000 which haunts the bull rally with the death cross.
Also Read: Bitcoin Bears Attempt To Suppress BTC Price, Will They Run Out Of Steam!
This Is When Bitcoin Price May Recover
The Bitcoin price after a notable dump of close to $38,000 regained the lost momentum to propel towards the north. However, the price did jump above $39,000 but appears to have failed to surpass $40,000 levels. And also initiated with a fresh pullback which may drag the price below $39,000 too.
Despite the prevailing bearish trend, yet the rally could gain bullish momentum and bounce back if the weekly close is on the bullish note. A popular on-chain analysis platform Rekt Capital, says that the weekly close above $38,200 for the BTC price may help to set a sustainable uptrend.
Picture-perfect retest of ~$38,200 on the dip
This successful retest attempt is setting #BTC up for a new sustainable uptrend
Weekly Close above ~$38,200 would fully confirm the retest as successful$BTC #Crypto #Bitcoin https://t.co/TMefSGOIzT pic.twitter.com/GYKUovagJW
On the whole, the Bitcoin price could have a bearish weekend ahead with a huge sell-off on the cards. Conversely, the BTC price may also regain the lost positions on recording successful retracement during the weekly close.
Also Read: Bitcoin Price Above $40K, Ethereum Price Above $2600, Is Bull Run Resumed?
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