Analysis: BTC SuperTrend sell signal could precede drop to $75,000

The SuperTrend indicator on Bitcoin's weekly chart has flashed a sell signal, raising concerns about a potential shift to a bearish market, according to an analysis by Cointelegraph. The outlet noted that the indicator turned red last week for the first time since January 2023, following a weekly close for BTC below its 50-week moving average. This is being interpreted as a potential early bear market signal, as previous sell signals from the SuperTrend indicator in 2018 and 2022 were followed by sharp declines of 84% and 77%, respectively. Cointelegraph's analysis suggests that if this historical pattern repeats, compounded by continued outflows from spot ETFs, Bitcoin could fall to $75,000.