According to U.Today, Bitcoin, the leading cryptocurrency, is nearing a much-feared death cross, as reported by Barchart. This pattern is expected to emerge after Bitcoin's short-term gains have failed to surpass its long-term gains. Specifically, a death cross occurs when the 50-day moving average falls below the 200-day moving average, often signaling the start of a significant market downtrend. However, it is important to note that this indicator is based on past data and can sometimes be a false signal if there is no decisive bearish reversal. For example, Bitcoin experienced a death cross in March 2020 but later hit a new all-time high that year. Similarly, a death cross in June 2021 was followed by a surge to a record peak months later. Most traders rely on a combination of different patterns to identify directional signals accurately. Earlier this week, Bitcoin's price dropped below the $50,000 level for the first time in months due to a global stock market crash, causing market sentiment to plunge into extreme fear territory. However, the cryptocurrency rebounded sharply on Tuesday, surging back to $57,000 and is currently trading at $57,218, according to CoinGecko data. Independent financial research boutique Fundstrat suggests that the worst might be over for markets following a strong rally on Thursday. The firm views the recent panic as a growth scare coupled with a carry trade unwind.