Opportunity or Warning Sign? Bitcoin Could Hit $59,000 Zone as Death Cross Emerges

Key Insights

• Bitcoin is currently trading between $61,000 and $70,000 with no clear direction.

• Bitcoin reached a new all-time high of $73,800 before the halving but then dropped to $59,678 during the Israel-Iran conflict.

• Analyst Ali Martinez predicts a potential drop to $59,000 based on technical indicators like TD Sequential and a death cross on the 12-hour chart.

• While Bitcoin is currently above $63,300, it remains open to further decline if it falls below this level.

Bitcoin is going through one of its most uncertain times at the moment, with no particular direction between $61,000 and $70,000.

Despite the rollercoaster ride of crypto market, we had the fourth successful halving last week.

The price action of the cryptocurrency after this historic event now remains to be seen, amid the ongoing geopolitical tensions, inflation in the US, and an impending drop to $59,000 according to insights from a renowned analyst.

The Highs and Lows of Bitcoin’s Journey

One of the strangest things Bitcoin has been through this year is how we saw the first ever pre-halving all-time high on the cryptocurrency.

Right before the 20 April halving, in a move the community had never seen before Bitcoin registered a new all-time high of $73,800 on 14 March, which was more than $4,000 above its previous all-time high from November 2021.

However, the celebration of "Bitcoin's rally" was short-lived, as the cryptocurrency soon started to decline, creating a new low of $59,678 on 17 April in the heat of the Israel-Iran conflict.

As it stands, a renowned analyst believes that Bitcoin may be about to hit this price level once again, and we should go over his outlook.

Death Cross on Technical Indicators

As highlighted by technical analyst and investor, Ali Martinez, Bitcoin’s current behaviour in the charts has triggered sell signals on two technical indicators, according to insights from Ali Martinez.

As usual, Ali highlighted the TD Sequential indicator, known for how well it predicts buy and sell trend reversals based on historical data.

According to Ali, Bitcoin is now showing a sell signal on the 12-hour chart.

But it doesn’t stop there.

Ali also says that aside from the TD Sequential indicator, we are also looking at a death cross formation on the same chart, between the 50 and 100 SMA and a red 9 candlestick from the TD Sequential. 

In essence, this means that Bitcoin is hanging off a cliff, and only needs a little bearish pressure to plunge downwards from here.

Ali maintained that if Bitcoin ever falls below $63,300 the path to further declines will become even more likely, and could lead the cryptocurrency down to “$61,000 or even $59,000.”.

At the time of writing, Bitcoin trades at $64,211 according to CoinMarketCap, which is safely above $63,000, but doesn’t mean that the flagship cryptocurrency is out of the woods just yet.

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