“Cross of Death” or Why The Bitcoin Price Could Fall to $18,000

An indicator that may signal an imminent deeper decline in the market has appeared on the cryptocurrency rate chart.Currently, the chart of the Bitcoin rate is potentially developing a "cross of death" pattern, which may indicate an imminent onset of selling off or an intensification of a downtrend. We assume that this pattern may fully form roughly between the end of July and the beginning of September of the current year.

“The Bitcoin price has already fallen from the all-time high by 54% and may fall by another 54% if the cross of death is formed today. This will lead to a drop in the price of cryptocurrency to $18,000."

When Bitcoin peaked at $20,000 in 2017, the pattern formed on the chart after 3.5 months. During that time, cryptocurrency quotes fell by almost 70%. Then the asset experienced an additional 65% correction, dropping in price to $3 200.

A similar situation occurred in mid-2019 when the Bitcoin price fell by 53% 149 days after the peak. After the "cross of death" had been fully formed, quotes fell by another 55%.

As of June 3, Bitcoin is trading at $39,000. Over the past day, the cryptocurrency has fallen in price by 0.5%. According to CoinGecko, the capitalization of the asset is now $688 billion with a market share of 40%.