Will it be different this time?Bitcoin Eyes Drops to $35,000 as BTC Price Depicts ‘Death Cross’

© Reuters.

(bitcoin) formed a trading pattern on January 8 that is widely followed by traditional chartists for its ability to predict further losses.

In detail, the cryptocurrency’s 50-day exponential moving average (50-day EMA) fell below its 200-day exponential moving average (200-day EMA), forming a so-called “death cross.” This pattern comes as Bitcoin has endured a rough two-month period, falling more than 40% from its all-time high of $69,000.

Daily price chart. Source: TradingView
BTC/USD daily price chart showing the March 2020 death cross. Source: TradingView
The BTC/USD daily price chart features a death cross. Source: TradingView
BTC/USD daily price chart with Fibonacci retracement levels. Source: TradingView