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crypto death cross moving average bitcoin
Nexo Logo

Crypto Market Death Cross Inches Closer, Will The Bear Market Return?

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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The dreaded death cross – the name for when a short-term moving average crosses below a long-term moving average. It’s appearance on the charts of Bitcoin and other financial assets – crypto or traditional – can hint at an extended downtrend ahead.

To the dismay of crypto investors, the total cryptocurrency market cap is inching closer and closer to completing a death cross. If it completes, it could signal that the market will return to its brutal crypto winter and that the bear market may not actually be over at all.

Groundhog Day: Death Cross Could Mean Extended Crypto Winter

Every year on February 2, the United States celebrates Groundhog Day. If the groundhog, Punxsutawney Phil, sees his shadow, then the folklore suggests that the region is in for an extended winter.

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Related Reading | Rejected? Bitcoin Price Attempts to Break Back Above Vital Moving Average 

A similar superstition suggesting an extended crypto winter could soon play out across the crypto market, called the death cross. The ominous-sounding name is given to when a short-term moving average – the 50-day MA for example – crossed under a long-term moving average such as the 200-day MA.

why'd no one tell me we have a death cross coming up on the total crypto mcap? smh

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According to a chart shared by crypto analyst Josh Olszewicz, the total cryptocurrency market cap – an aggregate of Bitcoin and all other cryptocurrencies in the industry – is coming closer and closer to completing a death cross of the 50-day moving average and 200-day moving average. If it completes, the bear market may not actually be over.

History Often Repeats What Happened After Previous Death Crosses?

The last time that the total crypto market cap death crossed, was in May 2018, and following that cross, the bear market really took hold of Bitcoin and the rest of the altcoins across the space. The powerful downtrend that followed demonstrates just how significant a death cross can be.

The total market cap completed a golden cross just months ago – essentially the exact opposite of a death cross – but it failed to make a strong impact on crypto prices sans Bitcoin.

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Interestingly, during the 2014-2015 bear market, Bitcoin itself completed a golden cross after it bottomed, only to death cross once again, then in the weeks ahead again completed a second golden cross that took hold and stayed crossed all the way to the Bitcoin’s all-time high of $20,000.

Related Reading | Next Big Move For Bitcoin Price: Will The Infamous Golden Cross Fakeout Strike Again? 

While things aren’t looking good for the crypto market currently, and an extended crypto winter may be ahead, if the total market cap repeats what Bitcoin did at its bottom, then after a short correction will come new highs, again and again until a new peak is reached an all-time high is set.

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Tags: bitcoincryptodeath crossJosh Olszewicztotal crypto market captotal market cap
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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