In the short term, some experts fear a new fall that could lead the cryptocurrency to form the so-called 'death cross', something that happens when an intersection is formed between the line that marks the moving average price of the last 50 days and that of the last 200 (with the first going down).
The opinion of various analysts is collected in Bloomberg. Among them, Mati Greenspan, founder of Quantum Economics, for whom the collision seems inevitable. And alert: "The cross of death would indicate that prices are going to remain low for a while." However, looking a little longer-term, Greenspan says that after the fateful intersection the 'golden cross' (the reverse pattern) usually arrives: "If the price of bitcoin bottoms out, a strong rally is likely to follow".
The last time that the value of the cryptocurrency formed the 'death cross', they report in Bloomberg, was in March 2020 and it was followed by an interesting rise. In November 2019, however, the price dropped another 5% a month later.
How far can the price of bitcoin fall?
The million-dollar question, which a few dares to answer. Chartist analyzes have long looked with fear towards the $ 30,000 that the cryptocurrency already touched in May 2021. If that barrier is broken, they estimate, the price of bitcoin could reach $ 20,000, since there would be a wave of sales of bitcoin, as there is no technical support between $ 30,000 and $ 20,000. Edward Moya of Oanda Corp is one of those who sign up for this forecast, as are Evercore ISI and Tallbacken Capital Advisors LLC.