BTC: The Death cross rally has come to an end!
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As highlighted previously, it’s not uncommon for prices to experience a temporary rise after the Death Cross, only to fall again. The price evidently lacks strength, signaling a potential end to the Death Cross rally. Remember that the Death Cross is not a definitive sign but confirms what we already expect - that the trend will continue for some time.
Based on current market sentiment, it appears that a more significant downturn is on the horizon. This could result in revisiting prior lows (15k-16k) or even reaching new lows within the range of 10k-13k. However, after this decline, there is a good chance that the market will shift towards a bullish phase. My prediction is that BTC will reach its lowest point within the next six months, but recovery is expected by Summer 2024. It is recommended to have a strategy in place for this potential downturn.
Many are optimistic about BTC's price, yet it's crucial to recognize that the occasional rallies are creating lower highs. For a robust bullish case, establishing a higher high and higher low is essential. Beyond BTC's price action, numerous indicators suggest a substantial market drop is looming. Consider, for instance, the rate of permanent job losses; each spike in this metric has been followed by a recession, and it’s escalating sharply.
Based on current market sentiment, it appears that a more significant downturn is on the horizon. This could result in revisiting prior lows (15k-16k) or even reaching new lows within the range of 10k-13k. However, after this decline, there is a good chance that the market will shift towards a bullish phase. My prediction is that BTC will reach its lowest point within the next six months, but recovery is expected by Summer 2024. It is recommended to have a strategy in place for this potential downturn.
Many are optimistic about BTC's price, yet it's crucial to recognize that the occasional rallies are creating lower highs. For a robust bullish case, establishing a higher high and higher low is essential. Beyond BTC's price action, numerous indicators suggest a substantial market drop is looming. Consider, for instance, the rate of permanent job losses; each spike in this metric has been followed by a recession, and it’s escalating sharply.
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