On the chart of the bitcoin rate, a “cross of death” pattern is potentially forming, which may indicate an imminent onset of a sale or an intensification of a downtrend. An analyst at Rekt Capital suggested that the pattern could form approximately between the end of July or the beginning of September of this year, writes RBC Crypto.
“From the all-time high, the bitcoin rate has already fallen by 54% and may fall by another 54% if the cross of death is formed today. This will lead to a decrease in the price of cryptocurrency to $ 18 thousand, “the analyst wrote.
When Bitcoin peaked at $ 20K in 2017, the pattern formed on the chart after 3.5 months. During this time, cryptocurrency quotes fell by almost 70%. Then the asset experienced an additional 65% correction, dropping in price to $ 3.2 thousand.
A similar situation was observed in mid-2019. 149 days after the peak, the bitcoin price fell 53%. After the formation of the “cross of death”, the quotes fell by another 55%.
At the time of writing, bitcoin is trading at $ 36.7 thousand. Over the past day, the cryptocurrency has fallen in price by 0.5%. The capitalization of the asset is $ 688 billion with a market share of 40%, according to CoinGecko.