Bitcoin eyes 44 000 $ - Death cross signals larger correction
Bitcoin is currently targeting the $44,000 level, a key area where multiple former support lines converge and where the 1.618 fibonacci retracement target is. This level also aligns with the potential completion of Elliott Wave 4, setting the stage for a possible upward push.
The recent Death Cross—where the 50-day moving average crosses below the 200-day moving average—signals a larger correction may be underway. Historically, this pattern has often preceded significant market downturns. However, the $44,000 zone could serve as a critical support level, possibly marking the end of the correction.
If BTC holds this level and completes Elliott Wave 4, we could see the beginning of a new bullish wave, potentially pushing the price toward the $100,000 mark. While the current outlook is cautious, the long-term potential for Bitcoin remains strong in my opinion.
Here are three reasons why the scenario of Bitcoin reaching $44,000 before a push toward $100,000 might unfold:
Macro-Economic Uncertainty: Bitcoin's short-term outlook is influenced by macroeconomic factors like rising interest rates, a stronger U.S. dollar, and global recession fears. These elements could reduce demand for riskier assets, potentially leading to a price decline despite Bitcoin's long-term potential.
Strong Support at $44,000: This level is significant due to the convergence of several former support lines, making it a likely area for buyers to step in and stabilize the price, potentially marking the end of Elliott Wave 4.
Fundamental Drivers: Despite short-term bearish signals, the long-term fundamentals for Bitcoin—such as increasing institutional adoption, limited supply, and inflation concerns—remain strong. These factors could fuel a rapid recovery and push BTC to new all-time highs after the correction.
Thanks for reading and make sure to follow as I post more charts weekly!
X:@PuppyNakamoto
BTCUSDT BTCUSD BTCUSD BTCUSD BTCUSD BTCUSD
The recent Death Cross—where the 50-day moving average crosses below the 200-day moving average—signals a larger correction may be underway. Historically, this pattern has often preceded significant market downturns. However, the $44,000 zone could serve as a critical support level, possibly marking the end of the correction.
If BTC holds this level and completes Elliott Wave 4, we could see the beginning of a new bullish wave, potentially pushing the price toward the $100,000 mark. While the current outlook is cautious, the long-term potential for Bitcoin remains strong in my opinion.
Here are three reasons why the scenario of Bitcoin reaching $44,000 before a push toward $100,000 might unfold:
Macro-Economic Uncertainty: Bitcoin's short-term outlook is influenced by macroeconomic factors like rising interest rates, a stronger U.S. dollar, and global recession fears. These elements could reduce demand for riskier assets, potentially leading to a price decline despite Bitcoin's long-term potential.
Strong Support at $44,000: This level is significant due to the convergence of several former support lines, making it a likely area for buyers to step in and stabilize the price, potentially marking the end of Elliott Wave 4.
Fundamental Drivers: Despite short-term bearish signals, the long-term fundamentals for Bitcoin—such as increasing institutional adoption, limited supply, and inflation concerns—remain strong. These factors could fuel a rapid recovery and push BTC to new all-time highs after the correction.
Thanks for reading and make sure to follow as I post more charts weekly!
X:@PuppyNakamoto
BTCUSDT BTCUSD BTCUSD BTCUSD BTCUSD BTCUSD 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.