Posted by There might still be more suffering for Bitcoin (BTC). A weekly chart momentum indicator, which is about to flash the primary bearish signal in more than three years, is sending this message.
In a week or two, Bitcoin’s 50-week simple moving average (SMA), which is now drifting downward, is expected to cross below the 100-week SMA, marking the first bearish crossover since February 2019.
Despite the fact that the forthcoming bearish cross should, in principle, indicate a strengthening of bearish momentum, the signal has a perfect track record of trapping sellers on the wrong side of the market, similar to the negative SMA crossing that was confirmed on the three-day chart last month.
Indicators that encourage you to bet against the herd include bearish crosses with dates of April 2015 and February 2019. If the forthcoming crossing signals peak selling, it remains to be seen. According to Delphi Digital, the price of cryptocurrencies may peak in November.
Delphi Digital’s Andrew Krohn wrote in a daily update sent to clients,
“From the previous two cycles, BTC bottomed out 59 and 53 weeks following its cycle top. Based on this, history suggests a bottom sometime around the end of November 2022 and a new cycle top in August 2025”
The cryptocurrency has been more sensitive to macro factors like central bank policies and traditional market sentiment over the past two years, thus previous success is no guarantee of future results.
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