Analysts see BTC at risk of falling to $83.5K after death cross

Market fear is growing as Bitcoin (BTC) has fallen below $94,000 for the first time since early May, CoinDesk reported. According to on-chain analyst Ali Martinez, BTC has broken down from a parallel channel, opening the door for a potential drop to $83,500. Meanwhile, Benjamin Cowen, founder of IntoTheCryptoverse, noted that a death cross has occurred on the BTC chart. He explained that while such events have historically marked short-term bottoms, the outcome depends on the market cycle. If the cycle is not over, Cowen anticipates a rebound within the next week. However, if BTC fails to rally in that timeframe, he warns another sharp decline could occur, followed by a rally to the 200-day moving average that would establish a lower high within a downtrend.