Bitcoin in the recent past faced a notable death cross and since then prices have fallen massively by nearly 40% as of press time. The death cross generally refers to the 200-day MA levels crossing the 50-day MA levels on a daily chart and heading south. This event is often seen as quite bearish, squeezing out a significant chunk of value.

In a series of tweets, a popular analyst believes that the death cross should drop the price of BTC to a low of $20,000 very soon.

The analyst here summarized past death crossover events and analyzed the time it took to recover the asset. The events that occurred in 2013 took 135 days from their peak to occur and BTC prices fell over 70% in that time. After reaching the highs, the downtrend had already dropped the price of BTC by 70% and the death cross further lowered the price by another 70%.

Later in 2017, after 107 days of peaking, the death cross dropped the price of BTC by 65%, which was already down 70% before the event. And in 2019, prices dropped by 53% before the death cross and 55% after the event. But 2021 manifested a different scenario, where the asset recovered by more than 140% after the death of the cross.

Therefore, considering the price action in the past history, the analyst predicts that the price of BTC could reach $22,700 very soon.

Collectively, considering the above analysis, it can be assumed that the price of Bitcoin has not yet bottomed. Therefore, the analyst believes that the current price drawdown is the drop before the death cross and thus a further price breakout is yet to come. So, if history repeats itself, then BTC price may drop another 65% hard to hit lows below $20,000.

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This post Bitcoin (BTC) Price Drop of Over 40% Fast Approaching, Could Hit $22,700 or Under $20,000: Analyst

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