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Josh Sigurdson talks with author and economic analyst John Sneisen about the recent close call Bitcoin had as a death cross was confirmed and then failed to create an immediate problem.
A death cross is a bearish technical indicator when the 50 day moving average and the 200 day moving average cross over.
However, we’ve seen a bullish support on the death cross in the past. In 2013, we saw one near death cross where Bitcoin actually found support on the cross and this lead to one of the greatest Bitcoin rallies in cryptocurrency history. Now after that rally, there was a confirmed death cross and it also lead to a multi-year bear market. So the question is, which way will this go? Well so far it is doing as the first cross in 2013 did and finding support off of the unconvincing flat line of the 50 DMA.
No one really knows, it’s speculation. You’d have to understand collective general human psychology to know what happens yet, and who knows how much bearish FUD will be caused by media with fake stories like Bitcoin bans and regulations. It’s all up in the air as we write this. But it’s true to say that Bitcoin found itself resisting the death cross and climbed up to around $7500. We are not convinced we’ve seen the bottom yet. But we shall see.
This recent correction has certainly been one for the history books and there’s no doubt it has hurt a lot of us, but this is an incredibly healthy correction, and technically we’ve seen a lot worse, going back to a time when only crypto nerds knew what Bitcoin was. Now it’s adopted by so many, it’s hard to imagine the bear market will last anywhere close to as long.
Let’s keep in mind the fact that this allows us to focus on how important Bitcoin is to the world. The fundamental reason for it existing. To end central banks and making government obsolete.
There are a lot of terrible cryptocurrencies out there, but there are a few great ones too. We must base more on fundamental value and application use than speculation. If we focus on value we shall prevail. If we always want more more more, we will get less less less. Greed begets failure.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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