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Bitcoin’s (BTC) price action has recently been marked by a Death Cross on the charts, a technical signal that often precedes periods of heightened market volatility.
The Death Cross occurs when the 50-day moving average (MA) crosses below the 200-day moving average.
This pattern has historically been associated with market corrections, which has led to analysts anticipating that Bitcoin price is likely to dip towards $74,000 before a potential rally to $200,000.
The Death Cross: A Bearish Signal or a Prelude to Recovery?
The Death Cross is a bearish signal that signals that price may dip. It indicates that short-term price momentum is weakening in relation to long-term trends.
As seen in the past, such occurrences often lead to market corrections or periods of increased volatility.
This pattern has been formed many times since Bitcoin and this time it happened in the years of 2019, 2021 and 2022 where Bitcoin followed suit and experienced massive price movements.
Currently, the market is experiencing the same signal, and traders are cautious. While the Death Cross may suggest further bearish price movement, it does not necessarily guarantee a prolonged downtrend.
Historically, Bitcoin has shown resilience after these signals, with the price often bouncing back to higher levels after the market corrects.
Furthermore, analyst TedPillows explained the market can fall to $74,000 before Bitcoin starts touching the roadmap to $200,000.
TedPillows highlights the bullish falling wedge on the price charts indicating that the market in the short term is weak, but the reversal may be around the corner.
According to him Bitcoin needs to close about $89,000 on a weekly basis for the next leg up.
The Reversal Phase and Bitcoin’s Potential Surge
In not such a long time, according to CryptoNobler – the other market analyst, BTC price is getting near a powerful Reversal Phase.
He compares the current price to Bitcoin value in 2017. Here is CryptoNobler’s view on the pattern which appears to be in the likeness of consolidation and pullback before Bitcoin’s big surge in 2017 bull market.
According to the analyst, after this final dip, Bitcoin could surge towards the $200,000 mark, initiating what many expect to be the start of altcoin season.
The idea of a Bitcoin rally to $200,000 also aligns with a broader market sentiment that is anticipating the beginning of a new bull cycle.
If this forecast holds true, Bitcoin could lead the way for altcoins to follow in its path, marking the beginning of a new growth in the cryptocurrency market.
Global Liquidity and Bitcoin’s Future
Although the net liquidity flow is flat, the increased Global M2 money supply could be positive for Bitcoin since historically there has been a correlation of M2 growing in price.
Macro liquidity which indicates how easily capital flows into risk assets like Bitcoin, has not increased as rapidly as in previous cycles.
Despite this, Analyst Colin Talks Crypto believes that it’s possible to see a Bitcoin rally beginning on May 1, due to historical patterns associated with liquidity factors.
Michael Saylor, Strategy Chairman and Bitcoin advocate is still very optimistic. Speaking at the DC Blockchain Summit, Saylor also predicted that Bitcoin’s market capitalization could surpass $500 trillion soon.
