ICYMI: Bitcoin can still drop well lower than it sits nowadays, according to Rekt Capital BTC $BTC BTCprice
These signals are registered when the 50-day and 200-day moving averages for Bitcoin price lines cross each other: a bullish Golden Cross appears when the 50 EMA spikes over the 200 EMA, while a bearish Death Cross flashes when the 50 EMA drops below the 200 EMA.
Historically, in 2013, 2017 and 2019, the Bitcoin Death Cross marked the middle of the recession: the price dropped equally before the Death Cross flashed and after it.At the same time, in 2020 and 2021, Bitcoin the Death Crosses marked the bottoms; they triggered massive spikes. According to Rekt Capital, based on"pre-Death Cross" performance, Bitcoin is following the 2013-2019-ish pattern now.As such, Bitcoin can still drop well lower than it sits nowadays. Based on past performance, an analyst would not be surprised by -55%, -65%, -71%, and even -84% corrections from today's levels.By press time, Bitcoin is still failing to hold above the $30,000 support level; it is changing hands at $29,319 on major spot platfoms, down 3.29% in 24 hours.
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