Technical analysis by MarkitMaven about Symbol BTC: Sell recommendation (8/3/2024)

The left panel shows daily 50ma and 200ma approaching to form a death cross sometime in August. Last time we saw a death cross during a bull market reversal was in 2022 and prices dropped nearly ~70%. With current integration of Bitcoin in financial markets, we estimate to retest the trendline forming since lows of 2019 at 37k sometime in 2025, with a conservative estimate of 50% downturn from current prices.back to 55k and soon to break below 50k toward 45k