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The market-leading cryptocurrency fell another 11% overnight, leading market participants to fear the worst.
What happened: Despite an influx of good news regarding Bitcoin, the digital asset saw no upward price movement and instead fell to a low of $ 31,850 earlier today.
The negative sentiment has led some of Bitcoin’s most ardent advocates to suggest it may be ‘the game over’ for now, as the digital asset has ignored the bullish news over the past week.
In a YouTube video, popular crypto influencer Lark Davis said, “Bitcoin looks bad and it could get worse.”
Lark points out that based on the current price action, Bitcoin is likely to confirm a “death cross” within the next ten days.
A death cross is a lagging technical indicator that appears when price action has already been less than optimal, he points out, but if confirmed, it might lead to an even larger drop in prices. price.
See also: Bitcoin vs Ethereum
According to crypto-trader and analyst Rekt Capital, when the dead cross scenario unfolded in previous years, Bitcoin corrected more than 50% crosses before death and 55% after death.
15.
So, since #BTC has already crashed at -54% and if this symmetry holds, BTC could crash an additional -54% if a death cross occurs today.
This would translate to ~ $ 18,000 BTC pic.twitter.com/01Dc41PtK1
– Rekt Capital (@rektcapital) June 1, 2021
If the same scenario happened today, Rekt Capital predicted that the price could drop to $ 18,000.
“The price of bitcoin has fallen below 200-SMA for 17 consecutive days and continues. This measure * always * marked the end of a bull run and the start of a bear market, ”said Timothy Peterson, investment manager at Cane Island Alternative Advisors on Twitter.
At the time of writing this article, Bitcoin is trading at $ 31,871 with a daily transaction volume of $ 44 billion. The rest of the crypto market has also seen a sharp drop in prices, with large cap coins like Ethereum, Dogecoin, and Cardano also falling over 15% in the past 24 hours.
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