Market analyst Ali Martinez highlights a recent development on the Bitcoin 
3-day chart with significant bearish implications. The leading cryptocurrency 
still trades just below the $70,000 mark following the temporary breakout 
earlier this week. Bitcoin has now spent an overwhelming majority of the last 
month within the $60,000 &#8211; $70,000 price range, after prices crashed to a new 
market low in late January/early February amid the extended bearish season. 
Related Reading: Bitcoin May Hit $180,000 This Year, But Only If This Scenario 
Plays Out: Amber Data Bitcoin Set For Another Leg Down? In an X post on March 
6, Martinez shares a key macro insight on the Bitcoin price trajectory, using 
historical data from the 3-day trading chart. The seasoned analyst explains 
that the formation of a particular death cross has consistently preceded the 
final price drawdown in the market cycle. Generally, the death cross 
represents a bearish technical indicator where a short-term moving average 
falls below the long-term moving average, indicating that recent price 
momentum has weakened relative to the longer-term trend, and there is rising 
selling pressure coupled with a potential prolonged downturn. The common 
version of the death cross appears when the 50-day moving average crosses 
below the 200-day moving average, and is a key bearish indicator in the 
Bitcoin market, according to observations shared by Martinez. In 2013, Bitcoin 
had notably crashed by 72% before the 50/200 SMA death cross appeared. 
Thereafter, the market leader recorded an additional 52% price fall, before 
reaching a price bottom. A similar pattern is observed in 2017, when Bitcoin 
declined by 67% from its market peak before the appearance of the death cross, 
which triggers an additional 50% crash. For the last market cycle, the 50/200 
SMA death cross appeared in May 2022, when Bitcoin was prominently down by 58% 
from its cycle top. Thereafter, BTC investors would experience another 46% 
devaluation. According to data from CoinMarketCap, Bitcoin is presently down 
by 45.62% from the present cycle high of $126,100 following an extended 
bearish phase that has lasted since October. Notably, price movement has also 
minted another death cross on the 3-day chart, indicating a potential major 
downside could occur based on precedents. In this case, Bitcoin may fall by an 
additional average 49% to establish a potential bottom around $33,500. 
However, Martinez warns that this price setup provides no bearish guarantee, 
but only historical alignment with macro bottom formations. Related Reading: 
Bitcoin Bounce Fails As Short-Term Holders Rush To Take Profit Bitcoin Price 
Overview At the time of writing, Bitcoin trades at $68,235 following a 4.21% 
decline in the last 24 hours. Following recent positive price action, the 
maiden cryptocurrency is up by 3.59% on its weekly chart. However, Bitcoin 
remains far off a bullish turnaround as indicated by current losses of 4.49% 
on the monthly chart. Featured image from Pexels, chart from Tradingview

Bitcoin Sees Historic Death Cross On 3-Day Chart — What Does This Mean?

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