Death Cross Indicator Suggests New Bitcoin Bottom Formation, Is a Recovery Underway?
- Death cross indicator suggests new Bitcoin formation.
- Is a recovery underway for the crypto market?
- Perhaps, but only after greater dips, according to many analysts.
The past week has seen the crypto community seeing multiple bearish forecasts that all pointed to the likely outcome that the price of BTC would fall below $100,000 in the following week. An outcome expected as a death cross indicator suggests new Bitcoin formation. Now that prices have hit a 5-digit BTC price, analysts are wondering if a recovery will be underway in the days ahead.
Death Cross Indicator Suggests New Bitcoin Bottom Formation
Last week, reputed crypto analysts noticed a CrossX formation on the BTC price chart. This marked a death cross indicator, which suggested a fall in crypto prices for the coming days ahead. Just as predicted, the new week began with the price of BTC falling from $110,000 to $107,000, then to $104,000, until today, the price of BTC fell below the $100,000 price mark and hit $98,000.
According to CoinMarketCap analytics, the price of BTC is currently trading in the $102,000 price range, showing a steady recovery, but still below where it was trading 24 hours ago. Most analysts are torn between expecting bullish vs bearish outcomes. At the moment, expectations for bearish dips are stronger than hope for a bullish reversal. This is likely because greater dips are expected before the price of BTC can go bullish again.
According to many bearish forecasts, the price of BTC is expected to fall to the $55,000 or $66,000 price range over the next few weeks, meaning BTC Dominance could collapse and trigger a bullish altseason peak pump when capital rotates into altcoins. Once this has played out, the bear market will kick in, leading to possibly lower BTC prices, until eventually, Bitcoin and crypto can go bullish again.
Is a Crypto Recovery Underway
As we can see from the post above, this analyst and trader observes that every single time a death cross has printed on the BTC price chart, it has printed a new bottom. He then highlights the three times this has happened since the bull cycle kicked off in 2023. Now, he expects the latest bottom to arrive by mid-November. Can BTC pull off one final new ATH before the altseason begins?
Meanwhile, another analyst shares when a good time would be to reenter the market after BTC truly bottoms. As we can see from the post above, BTC is on the verge of a massive Rising Wedge downside breakout on the weekly chart. The analyst concludes that, according to his current plan, he expects BTC to fall to the $55,000 price range and aims to buy back around the $77,000 – $78,000 price range.
