The rationale behind this evaluation is the steady decline in the Moving Average Convergence Divergence (MACD) indicator on BTC’s two-week price chart. MACD is a prominent momentum indicator used in technical analysis to identify trend direction, momentum changes, and potential entry and exit positions.
This observation is because the histogram bars are expanding, signaling rising momentum in the current direction (which is bearish because the bars are below the neutral or zero line). According to Severino, the MACD indicator is even expanding to levels not seen since 2022, when the Terra (LUNA) ecosystem collapse sent bearish shockwaves through the entire crypto market.
2W Bitcoin LMACD momentum is around the same point before the Luna collapse in 2022
It’s possible something nasty is coming
The crypto market analyst said, “it is possible that something nasty is coming,” suggesting that another crypto winter might be imminent. After Terra’s collapse in May, the premier cryptocurrency would have fallen from above $50,000 to around $30,000 — about a 40% decline — by July 2022.
Bitcoin Price At A GlanceAt the time of this writing, the price of BTC stands at around $67,520, reflecting no significant movement in the past 24 hours.
