Bitcoin and the S&P500 are nearing a Golden Cross, which has many traders speculating on a possible rally. However, it is important to note that not all Golden Crosses lead to rallies, and Bitcoin has seen more bearish crosses than bullish ones. The market is currently going through a pullback, and the macro is still not looking great, so a rally may not necessarily happen. It is also worth mentioning that the greed and fear index is still in greed, indicating that we may be getting ahead of ourselves. In other news, Pick and Pay has become one of the largest supermarkets in South Africa to accept Bitcoin, and Neon Link, a new layer 1 blockchain designed for web 3 gaming, is entering its pre-sale soon. A Bank of China X advisor has also called for Beijing to reconsider the crypto ban.
Analyzing Bitcoin’s Golden Cross and Latest Market Updates
All About Bitcoin’s Golden Cross
All right, what is going on everyone, and welcome back to the channel? Things are looking pretty nice. We are on a little tiny bit of a pullback for Bitcoin, but we are going to be discussing the golden cross that I see a lot of people talking about on Twitter. I’m going to tell you exactly what I really think about that, looking at some data we have.
Bitcoin will likely see its first golden cross since September 2021, and the S P 500 appears to be on track to produce a golden cross on Thursday. However, traders should note that while bitcoin’s big rallies often start with the golden cross, not all golden crosses lead to big rallies.
There have been eight golden crosses for Bitcoin to date, of which three confirmed in February 2012, October 2015, and May 2020. But, on the other hand, there were golden crosses in 2014, 2015, and 2020, and these were actually ball traps as the cryptocurrency crashed violently into a death cross in the following weeks. So, golden crosses are not necessarily what they’re always cracked up to be, as less than 50% of the time, they actually do turn out to be bullish.
Bitcoin’s Current Market Position
Remember, the macro is still not looking that great, and we did get that 0.25 basis point hike, but that doesn’t mean that the bull market is back on. We are still in a bear market, and a bear market rally may be happening, so we may very well be pumping to then head lower.
If we do head lower, this is an opportunity for us to buy some more long-term hold, so I’m really not that mad at it. We’ve seen proof in the pudding that if you bought in this region down here, you would have been making serious profits right now. So, is it really that bad if we head lower? I think the answer is no.
With that said, heading over to the shorter term time frame, we can just see a lot of chopping around with Bitcoin sitting here around 23,500, trying to figure out exactly what it wants to do. Where we are sitting right now could be a nice place for a bounce, but it does seem pretty likely for us to come lower before heading upwards, and this would be totally normal.
Other Important Market Updates
Yesterday, Pick and Pay, one of the largest supermarkets in South Africa, started to accept Bitcoin, and we see a video come out already that someone can pay with Bitcoin in these locations. 700 and 70 locations so far, which is absolutely awesome.
Another indicator that’s telling me that we are getting a little bit ahead of ourselves is the greed and fear index today, still sitting in greed. Remember, my plan is buying in extreme fear and taking profits in euphoria. We are getting very close to euphoria, so even right now could be an opportunity to be taking some profits.
Lastly, Neon Link, a new layer 1 blockchain and ecosystem designed specifically for web 3 gaming, is entering their pre-sale very soon. They got the neon wallet, the neon decks, the neon bridge, and much more coming, including three games in the final stages of development. So, if you want to check it out, the links are going to be down there in my description.