With the end of the year approaching, many eyes are on Bitcoin.. However, in recent months, Bitcoin has maintained its horizontal course and traded at 6000 – 6800 dollars.. A new dangerous situation is on the agenda for Bitcoin, which has seen below $ 5900 after the last price drops: Death Cross.
The event called Death Cross was experienced before in 2014 and after the event, Bitcoin reached up to 80 percent. losses have been observed. At the point reached after the last drop today, the danger of Death Cross came to the fore again.
What is this Death Cross?
In summary, Death Cross indicates that the short-term price average on a price chart is higher than the long-term price average.
As seen in the graph, the 50-day price average is below the 200-day price average, as seen in the previous situation in 2014.. After that, BTC, which was traded at $1200 at that time, seems to have regressed to $200.
What is the current chart?
Today, 3-day BTC/ When we look at the USD chart, we see that the 50-day price average is about to fall below the 200-day price average.. Analysts state that larger decreases are expected in case of this situation.
While there may be many reasons for the current market’s sharp decline, the biggest reason is the Bitcoin Cash hard fork.. In addition to the analysts who expect the price to drop seriously, there are also those who think that there will be serious increases until the end of the year.. We will wait until the end of the year and see how the price will take shape.