Benjamin Cowen, founder of IntoTheCryptoverse, warns that Bitcoin BTC/USD is approaching another “death cross.”
What Happened: In a podcast published on Friday, Cowen said that Bitcoin will “likely have another death cross,” meaning the 50-day simple moving average crossing below the 200-day simple moving average, if nothing changes in the next one to two weeks.
This would mark Bitcoin’s third death cross in the current cycle, following September 2023 and August 2024.
Historically, death crosses trigger short-term sell-offs but often lead to strong rallies afterward.
“What normally happens is Bitcoin goes into some longer drawn-out period where the price trends down… and then it leads to these moving averages converging back together,” Cowen stated, adding that “just before it and then when it happens everyone starts screaming the death cross is here and then what normally happens after the death cross is the market then gets a rally.”
Also Read: Bitcoin Tumbles Below $85,000: Is The Bull Run Over?
What’s Next: Looking ahead, Cowen believes the critical support level to watch is $73,000.
“If in the next pullback… it holds above $73,000, then there’s no guarantee with the market but it would suggest that the structure of the market remains intact,” he explained, comparing this to 2017’s pattern where Bitcoin tested its previous yearly high before continuing upward.
Price Action: In the past 24 hours, Bitcoin is down 4% to $83,700.
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