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Author: Admin | 2025-04-28
60 days after “Death Cross.” Source: Timothy PetersonFrom the BTC/USD daily chart above, Bitcoin price confirmed a death cross on Sept. 12, 2023, triggering a major bear trap, with BTC bottoming out at $24,000 on the same day before embarking on an extended uptrend toward the new all-time high reached on March 14, 2024.Therefore, it is important to note that the death cross could be unreliable as a stand-alone indicator. At the time of publication, Bitcoin is trading at $55,056. Having failed to beat the resistance around $56,000, BTC could revisit the recent low of $49,050. Related: 3 key Bitcoin price metrics highlight traders’ lack of enthusiasm.Bitcoin’s imminent “super bull rally”Pseudonymous trader Trader Tardigrade backed the bear trap thesis with the assertion that Bitcoin’s recent price drawdown to $49,000 is the beginning of a new “super bull rally” for BTC.In an Aug. 6 post on X, the trader shared analysis from 2013 and said that the recent crash “finally printed a wick down under the support line,” mirroring the previous supercycle running from 2016 to 2018.Source: Trader TardigradeTrader Tardigrade’s analysis shows that Bitcoin price made a similar move in 2016, ushering BTC into a parabolic run that peaked in 2017. According to the analyst, the recent wick printed below the support line could be a signal for another all-time high in the following years.However, it is worth noting that the proposed pattern has occurred only once and may need validation in the currency cycle. In addition, the “wick down” may
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