Fears of 70% Value Plunge as Bitcoin (BTC) Encounters Death Cross Again

Bitcoin's recent trading patterns have raised concerns as it indicates a possible decrease in value. This is attributed to the recurrence of a "death cross", a technical chart pattern viewed as a bearish sign by many traders. This pattern occurs when the 50-period moving average crosses below the 200-period moving average. Historical data shows that in 2014, 2018, and 2022, similar occurrences led to a drop in Bitcoin's value by 50% to 70%. Meanwhile, market watchers have predicted potential price targets for Bitcoin between $40K and $60K, depending on the trend. Despite these short-term risks, some traders are still hopeful for higher prices in the long term. Large Bitcoin holders have reportedly been accumulating more during the recent dip, leading some to believe that the market might be preparing for a bigger move.