Bitcoin (BTC) has triggered a death cross, a technical signal where the short-term moving average dips below the long-term moving average, often indicating a change in price direction.

Over the past year, several death crosses have hinted at local bottoms, although the one seen in 2022 marked the beginning of a bear market.

Bitcoin’s Price Plummets Below $90K

At the time of writing, Bitcoin trades around $90,500, down nearly 6% in the last 24 hours and a total of 15% over the past week. This sharp decline signifies a drop of nearly 30% from its highest recorded price of over $126,000 on October 6, 2025. The completion of a death cross on the chart resulted from the recent shift below both the 50-day and 200-day moving averages.

According to analyst Ali Martinez, every prior death cross over the last year led to a market recovery. However, the 2022 instance sent prices spiraling lower, and the current movement mirrors that structure.

Bitcoin Chart Source: Ali Martinez/X

Market observers are keen to see if Bitcoin can maintain above crucial support levels or if the decline escalates further. If it resembles the downturn in 2022, an extended bearish period could ensue.

Additionally, Bitcoin now trades below the mean price of $98,650 based on the MVRV (Market Value to Realized Value) model. When Bitcoin dips below this metric, it often indicates potential undervaluation. As of November 16, Bitcoin was at $94,390, indicating movement into this territory.

Key Bitcoin Levels to Watch

Below $98,650, significant Bitcoin price levels include:
- **$75,740**
- **$56,160**
- **$52,820**

— Ali (@ali_charts) November 17, 2025

Martinez emphasizes three lower price targets should the decline persist, which fall at $75,740, $56,160, and $52,820. These levels are associated with historical market bottoms. A failure to regain the $98,650 zone soon could signal deeper troubles ahead.

Potential Bottoming Patterns

In his recent video, Martinez referred to past Bitcoin cycles, noting that both 2017 and 2021 saw peaks followed by nearly 364 days of bear markets. The first instance concluded with an 84% drop while the latter followed up with a 77% decline. Should this cycle have peaked in October 2025, a comparable pattern suggests a possible bottom occurring in October 2026.

The analyst mentioned that this scenario could present an ‘ideal buying opportunity’, consistent with historical cycle timings where a long downturn is succeeded by accumulation before the subsequent uptrend.

Divided Opinions on Bitcoin’s Direction

While some analysts believe Bitcoin is trending bearish, others like Egrag Crypto maintain the current market conditions differ from those of 2021. Egrag argues that moving averages are no longer reliable indicators, emphasizing the need to focus on the 21-week EMA as the market continues to uphold its structure, optimistic about targeting the $175,000 mark based on Fibonacci extensions.