I think we have to consider that BTC was majorly beaten down by a "non-market event" in the form of the FTX/Alameda scandal... which was about swindling, not about crypto, at least from where I am sitting.
We're essentially just returning to the trajectory we were on before that event. If you were to remove the "FTX dip" from the equation, that death cross probably isn't quite as imminent and we're instead looking at "going sideways" since June or so.
But I'm not a technician, I just look at at patterns and their underlying reasons.
There was WAY more to it than just the FTX thing. The global economy and political BS has a huge part to play. Because crypto didn’t just crash, the entire economy and stock market has fallen as well for the most part. There is a lot of bearish stuff going on in traditional markets too. Crypto is still a small industry relative to anything else. I mean the entire crypto marketcap is smaller than some individual businesses. It’s not going to escape the whims of the institutional investors.