Meanwhile, others are sure the death cross technical pattern means the price is due to rebound and possibly double-top to higher values than the previous all-time high.
On June 19, a number of Twitter conversations, forum posts, and even headlines discussed the technical pattern called the death cross in regard to bitcoin’s chart.
Death crosses are not unusual and data from Canterbury Investment Management indicates the Dow Jones Industrial Average has experienced 84 death crosses since 1929.
“The Death Cross takes place when the 50 day moving average crosses below the 200 day moving average,” Krüger tweeted.
The popular creator of the bitcoin stock-to-flow model, Plan B, also tweeted about the infamous death cross on Saturday.
The two that didn’t lead to a downtrend were towards the end of a bear market, not after a full blown bull run.
The creator and host of CNBC’s Crypto Trader show Ran Neuner also wrote about the death cross on Saturday too.
A crypto enthusiast called Sultan discussed the death cross situation with his followers as well and said that it may mean the worst is behind us.
“Only a fool could deny that this Bitcoin DeathCross is more like a bearish cross in red than a bullish one in green,” Hostetler said.
“Big question remains: has this halving cycle peaked? 2 weeks ago I would’ve assigned that a 1% possibility, because I hadn’t looked at the now-dismal chart of Bitcoin S2F multiple in a while.
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Cornell University professor of economics and former head of the IMF’s China division, Eswar Prasad, sees three major flaws in bitcoin.