The “Death Cross,” a worrisome technical indication, is approaching for Bitcoin. When Bitcoin’s 50-day Simple Moving Average (SMA) passes below its 200-day SMA, this occurrence takes place.
This pattern, which frequently denotes approaching negative momentum, was recently noted by Forbes analyst Steven Ehrlich.
Moving averages facilitate the creation of a single flowing line by smoothing out price data for the uninitiated, making it simpler to determine the trend’s direction.
Bitcoin’s modest volatility
With Bitcoin’s price exhibiting moderate fluctuation throughout a 24-hour range of $25,641.06 to $25,925.03, investor mood has been tight.
The market capitalization of Bitcoin is a mighty $503.8 billion, according to statistics from CoinGecko.
The approaching Death Cross, though, may jeopardise this rather calm situation.
Although it doesn’t guarantee an impending bear market, it does cause market players to wonder.
Bernstein’s bullish prediction
Due to a recent court judgement favouring Grayscales against the U.S., financial research company Bernstein forecasts a major rebound in the cryptocurrency industry, mostly headed by Bitcoin. The projected increase is expected to be driven by long-term institutional investors.
