Bitcoin is close to forming a death cross between the 50-day (red wave) and 200-day (blue wave) exponential moving averages (EMAs).
This is Bitcoin’s third death cross formation during the Fed’s rate hikes, with the first two crosses preceded price declines of 17-18%.
Therefore, if this pattern reappears, the bearish BTC price target in this case would be around $21,750. Is it possible? I think the probability is very high! Perhaps it will be reached in the next few months before the end of the year.
