You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-new-ath-for-bitcoin-and-ethereum/" data-wpel-link="internal">Analyst Predicts New ATH for Bitcoin and Ethereum</a> 
<a href="https://en.coin-turk.com/exploring-the-impact-of-bitcoin-halving-and-etf-launches/" data-wpel-link="internal">Bitcoin</a>, if it turns $62,000 into support, can overcome the approaching dead cross, and the latest analysis suggests this. On August 9, <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">popular investor</a> Benjamin Cowen used history to suggest how bulls could avoid a new Bitcoin price drop. The recent Bitcoin price movement has brought the BTC/USD pair to the brink of another moving average crossover, classically known as a dead cross. 
<h2 class="p1" style="text-align: justify" id="dead-cross-concerns-on-the-bitcoin-front">Dead Cross Concerns on the Bitcoin Front</h2> 
This process involves the downward-sloping 50-day simple moving average (SMA) crossing below its 200-day equivalent. According to data from TradingView, the 50-day and 200-day SMA averages currently stand at 61,998 and 91,882, respectively. The dead cross gets its name from the assumption that once the crossover is complete, it serves as a pre-warning for a downward movement in Bitcoin’s price. However, as Cowen pointed out, the results are often mixed, and the last daily dead cross in 2023 actually interrupted a gain process: 
<blockquote> 
 “In 2023, Bitcoin started to rise immediately after the dead cross. It then rose above the 50-day SMA average and held it as support before going higher.” 
</blockquote> 
In contrast, brief touches to the dead cross process in 2019, 2021, and 2022 ultimately led to the expected outcome and losses: 
<blockquote> 
 “The durability of this move will likely depend on Bitcoin first rising above the 50-day SMA average of $62,000 and then holding it as support as it did in 2023.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-378362 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-yorum.jpg" alt="" width="2520" height="1604"> 
He added that if this fails, the downward movement could return until macroeconomic conditions change significantly. Specifically, the US Federal Reserve must make a sufficient pivot in interest rates to boost crypto and risk assets. 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
BTC/USD pair continued to recover during the day and reached $62,775 at the previous daily close before consolidating at a slightly lower level at the time of writing. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-378361" src="https://coin-turk.com/wp-content/uploads/2024/08/charles.png" alt="" width="500" height="412"> 
Market observers noted a lack of recovery in open interest in the futures market despite higher prices in these days following a massive rally rarely seen in Bitcoin’s history in terms of scale. Julio Moreno, a contributor to the on-chain <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> platform CryptoQuant, commented on the subject: 
<blockquote> 
 “This Bitcoin rally was mostly short positions closing in the futures market.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-378360 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/moreno.jpg" alt="" width="1600" height="900"> 
Meanwhile, another participant, Axel Adler Jr, marked the area above $62,000 as significant resistance, with major support still below this week’s six-month low of $50,000. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-378359 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/axel.jpg" alt="" width="2048" height="1152"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-new-ath-for-bitcoin-and-ethereum/" data-wpel-link="internal">Analyst Predicts New ATH for Bitcoin and Ethereum</a></h5>
The post <a href="https://en.coin-turk.com/analyst-predicts-new-ath-for-bitcoin-and-ethereum/" data-wpel-link="internal">Analyst Predicts New ATH for Bitcoin and Ethereum</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Analyst Predicts New ATH for Bitcoin and Ethereum

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