Bitcoin price is undergoing yet another drastic dip as the asset is again below $46,000 which may get the death cross an inch closer. The bears, which were pretty strong for a pretty long time, are showcasing their power and dragging the price down. Despite a huge buying volume in the current hour, yet the candle remains a Doji, hence signifying a tough battle between the buyers and the sellers.
What Traders Can Expect From Bitcoin Death Cross?
Coinpedia reported earlier that the BTC price may hit $70K by surging more than 50%. The asset is expected to remain pretty silent in the first half of 2021. And hence in these times, the DeFi tokens, the NFT’s and the meme coins are expected to thrive. The bearish predictions for the asset are justified with the upcoming death cross. And the main concern is the event is occurring for the 2nd time in just 7 months.
The previous death cross had slashed the BTC price by nearly 30% and further, the impact of the event carried forward for 4 to 5 days ahead. A similar scenario was seen with the ‘Golden cross’ event which had occurred somewhere in mid-September. No doubt the asset surged with a very small margin yet a huge impact was seen quickly as the asset leaped long to hit its highs. And hence with the current bearish event approaching very fast, the BTC price may drain another 30% to reach the lower levels below $40K.
Overall the Bitcoin price manifests an extremely bearish signal and on the verge to plunge down to lower levels. The death cross is expected to occur somewhere between Jan 12, 2022, and Jan 14, 2022. And if in case the asset drops in a similar way, then it may revisit lower levels below $35,000 too.