There are other factors affecting Bitcoin such as the correlation with equities, that could be used to explain the massive price drop, but the fundamentals relating to the Bitcoin network and its uses seem to be improving over time. Clearly, the factors discussed above indicate that Bitcoin is not dead.
What is bitcoin's “death cross”?
They call it bitcoin’s “death cross” – a bearish indicator that appears when the 50-day moving average (MA) dips below the 200-day MA.
When did bitcoin go down?
The price rallied shortly thereafter. Bitcoin’s most substantial death cross was in the wake of the 2017-2018 crash, Cox notes. That’s when Bitcoin dropped around 60% between December and February. The death cross occurred on March 30, 2018, but lows had already been reached. Bitcoin rallied over the next month.
What happened to bitcoin in March 2020?
Bitcoin experienced a severe drawdown in March 2020—but by the time the death cross signal emerged on the coin’s price charts, Bitcoin had already moved past its lows, Cox points out. The price rallied shortly thereafter. Bitcoin’s most substantial death cross was in the wake of the 2017-2018 crash, Cox notes.
