- Bitcoin faces potential ‘death cross’ pattern, often seen as bearish signal
- Analyst Aldo suggests cross could mark bottom, targets $120k summer, $150k EOY
- Trump’s new tariff plans add macro pressure, triggered market dip Thursday
Bitcoin is again in the spotlight now with the “death cross”—a chart pattern that happens when Bitcoin’s short-term moving average (like the 50-day) crosses below its long-term moving average (as in the 200-day).
This pattern is often seen as a bearish signal. On top of that, there’s also the looming issue of tariffs set to take effect on April 2nd, which could affect market sentiment, including Bitcoin’s performance. However, not everyone is sold on all the bad news.
Death Cross: Bear Signal or Market Bottom Indicator?
Crypto analyst Evan Aldo explained that the death cross might not be as negative as it sounds. It could be a sign that Bitcoin is about to bounce back. Looking at a chart shared by Benjamin Cowen, he said that this pattern has historically marked the bottom of the market, meaning Bitcoin could be on the edge of a big recovery.
Even with current downward pressure, he believes if Bitcoin’s price dips toward the $77,000-$79,000 area, it should find substantial support there.
A rebound is expected soon, with Bitcoin possibly reaching $119,000 to $120,000 by the summer. By the end of the year, Bitcoin could hit as high as $150,000, fueled by strong market momentum and investor interest.
However, a drop below $75,000 would be a red flag. The biggest concern would be if the price falls below $70,000, which would be a huge drop compared to previous market corrections after Bitcoin’s halving events. Historically, Bitcoin has corrected around 30-35% after such events, so anything beyond that could signal deeper trouble.
Trump’s New Tariff Plans Rattle Markets
Markets took a major hit this Thursday after President Donald Trump announced new tariffs, including a 25% levy on auto imports from Canada and potential tariffs on the EU if they collaborate against the U.S. economy.
Cryptocurrencies like Bitcoin, Ethereum (ETH), and Ripple (XRP) dropped over 5%. Bitcoin, often seen as a hedge against traditional market risks, wasn’t immune to the sell-off. Experts predict that the tariffs, aimed at boosting the U.S. economy, might actually strain global markets, leading to more volatility in both traditional assets and digital currencies like Bitcoin.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
