Dark chart pattern shows: Bitcoin is poised to crash towards $ 9,500

There is some uncertainty in the crypto market as most altcoins are plummeting as Bitcoin continues to consolidate.

Analysts seem unsure of where the benchmark cryptocurrency will head in the near future as it hasn’t made any significant moves yet

A trader points out that BTC is currently experiencing a bearish technical cross between two of its moving averages.

He notes that this could open the gates for a step down, targeting as much as $ 9,500.

Bitcoin and most altcoins are consolidating as investors remain uncertain about the market outlook.

The stock market has been able to stabilize in the past few days – a positive development that could remove some of the pressure previously put on BTC.

Although it is still unclear where the overall market will head next, one analyst observes that Bitcoin’s 50-day moving average is currently below its 100-day moving average.

This is known as the Bear’s Cross and it could indicate that a downward move is imminent for BTC.

As for where the cryptocurrency might head next, the analyst is focusing on $ 9,500 as there is a level of technical support here.

Bitcoin continues the consolidation phase, momentum is stalling

At the time of writing, Bitcoin is trading at $ 10,600. This is a little below the price at which the cryptocurrency was traded in the past few days.

Over the past week, the cryptocurrency has been slowly being pushed higher, recently breaking out of its previous consolidation range between $ 10,500 and $ 10,600.

The breakout above the upper bound of this narrow range was promising and sparked some momentum – but it turned out to be short-lived.

Analyst: This pattern could lead Bitcoin towards $ 9,500

Regarding the question of where the cryptocurrency could go next, one analyst explains: He is now looking at a downward movement towards $ 9,500.

He points to a bearish crossover between two major moving averages and comments that this could indicate a downward move to his 200-day moving average support – which stands at $ 9,500 – is imminent. The analyst with reference to the graphic below:

„BTC – last time the MA50 approved the MA100 they parted bullishly … this time around, given the angle of the MA, a bearish cross appears to have been set up … note the MA200 around $ 9500“