Cryptocurrency analyst Ali Charts recently analyzed a death cross between the 10-week and 50-week simple moving averages on Bitcoin's weekly chart. This pattern occurred on December 8th and is similar to past examples.
According to PANews, Bitcoin prices have experienced significant adjustments in the past when this type of dead cross occurred. Representative examples include:
September 2014: 67% drop
June 2018: 54% drop
- March 2020: 53% decline
January 2022: 64% decline
Based on this, the analyst raised the possibility of a similar correction this time. Specifically, he predicted that a 50-60% decline could push the Bitcoin price to a range between $50,000 and $38,000. However, he added that this price range is an interesting range from a long-term spot buying perspective.
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