Bitcoin's value relative to gold may drop 35% as historical bear market signals are triggered, coinciding with a $13 trillion decline in the US stock market. On April 22, Bitcoin closed below its 50-period exponential moving average on the two-week chart, marking the first such occurrence since April 2022. This event typically leads to further declines toward the 200-period EMA, historically seen with Bitcoin in bear markets. Bloomberg Intelligence's Mike McGlone suggests a similar negative outlook, correlating Bitcoin's trends with the stock market's downturn. Weakness in the BTC/XAU pair often precedes declines in Bitcoin's USD price, as seen in previous cycles such as 2021-2022 and earlier years. Should this pattern repeat, Bitcoin's risk of falling towards its 200-week EMA near $50,950 by year-end is elevated, indicating a challenging period ahead.

Source 🔗