Bitcoin About to See Golden Cross?

The consolidation pattern that Bitcoin (and much of crypto overall) has been in since printing the new highs in early March…eventually led to the chart printing a “death cross” as the shorter-term 50 day simple moving average crossed underneath the 200 day simple moving average in early August. At the time we didn’t make too much out of it because we’ve seen MANY of these signals over the years, with few of them actually leading to downside Bear markets.

I think that everything depends on the context of the chart; if the August death cross was made based on severe distribution (as it did in January 2022) then I would give it a lot more chance of showing a bearish confirmation signal.

In fact, the opposite has happened since August. After bottoming out through a global asset sell-off on August 5th, the price of Bitcoin has continued to transition into higher highs and higher lows on the Weekly chart. In fact, some of the BEST signals that I’ve seen over the years to imply higher future prices…has been a FAILED death cross signal, followed by a golden cross where the 50 day simple moving average crosses back above the 200 day simple moving average.

And I think that signal will come before the end of October.

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